Chart - Courtesy Trading View
Technical Analysis:
- NZD/USD was trading largely unchanged at 0.6285 at around 11:20 GMT
- The pair has been rejected at 55-EMA resistance at 0.6314, break above required for upside
- 'Gravestone Doji' formation on the daily candle weighs on the pair
- MACD and ADX still support upside in the pair, Chikou span is biased higher
- GMMA indicator shows major and minor trend are neutral
Data Watch:
Focus today will be on US Personal Consumption Expenditure (PCE) data, which is seen at 6.7%, higher than the prior print of 6.3%.
Support levels - 0.6264 (5-DMA), 0.6246 (200H MA), 0.6235 (21-EMA)
Resistance levels - 0.6314 (55-EMA), 0.6340 (Cloud base), 0.64
Summary: NZD/USD pivotal at 55-EMA resistance. Technical analysis has turned neutral. Watch out for decisive break above 55-EMA for upside continuation.
