FxWirePro: NZD/USD recovery capped at 110-EMA, bias bearish

NZD/USD chart - Trading View 

• NZD/USD has paused downside and is trading 0.25% higher on the day at 0.6793 at 1120 GMT.
   
• The pair is extending trade within daily cloud and recovery is capped below cloud top.
   
• Momentum studies are bearish and RSI shows weakness below 50 levels.
   
• Range trade continues on the weekly charts, upside remains capped below major resistance at 0.6931 (converged 200-W SMA and 110-W EMA).
   
• On the lower side 21-W EMA is strong support and decisive break below will see major weakness.

Support levels - 0.6761 (38.2% Fib), 0.6736 (200-DMA)

Resistance levels - 0.6839 (5-DMA), 0.6921 (Upper BB)

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