FxWirePro: NZD/USD rangebound ahead of Powell's speech, technical bias higher

NZD/USD chart on Trading View used for analysis 

• NZD/USD has paused 2 straight sessions of gains and is trading in a tight range on the day.
   
• Markets look forward to Powell's speech at the beginning of the Fed Chair’s two-day testimony and further clarification on the US-China trade deal for further direction.
   
• The central bank head is expected to reiterate "patience" on interest rate hikes.
   
• Markets will look for clues on how long the Fed will be patient and how it plans to end its quantitative tightening program. 
   
• The pair has bounced off 200-DMA support and could see test of 0.6930 (Triangle top).
   
• 5-DMA is immediate support. Break below 21-EMA will see retrace till 200-DMA.

Support levels - 0.6853 (5-DMA), 0.6830 (21-EMA), 0.6751 (200-DMA)

Resistance levels - 0.6930 (Triangle top), 0.6941 (Feb 1 high), 0.6969 (Dec 2018 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.