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FxWirePro- Major Pair levels and bias summary 
FxWirePro- Major Pair levels and bias summary 
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Chart - Courtesy Trading View
NZD/USD holds marginal gains. Risk-on impulse across the markets has buoyed the antipodeans. That said, improvement in US CPI has cemented the current pace of rate hikes by the Fed and will limit upside in the pair.
Focus now on the release of Tuesday’s New Zealand inflation data. New Zealand annual inflation data for the third quarter is expected to slip lower to 6.6% vs the former release of 7.3%. Fall in NZ CPI would bolster the case of a slowdown in the current pace of the hikes in the Official Cash Rate (OCR) by the RBNZ.
Technical Analysis:
- NZD/USD was trading 0.56% higher on the day at 0.5590 at around 06:20 GMT
- The pair is testing -DMA resistance at 0.5594, break above will fuel further gains
- GMMA indicator shows major and minor trend are bearish
- Bullish RSI divergence on the daily charts raises scope for some upside
Major Support Levels: 0.5487 (Lower BB), 0.5469 (2020 low)
Major Resistance Levels: 0.5632 (200H MA), 0.5709 (21-EMA)
Summary: NZD/USD is trading with a major bearish bias. Major resistance lies at 21-EMA at 0.5709, decisive break above will change near-term bias. Focus on New Zealand inflation data for impetus.
