FxWirePro: NZD/USD struggles at 5-DMA, bias lower, stay short

• NZD/USD remains capped below 5-DMA from last week, the pair has struggled to hold break above 5-DMA.
   
• Uptrend in the pair has stalled near 78.6% Fib retrace of 0.7485 to 0.6817 fall at 0.7342.
   
• Bias on daily charts has turned bearish with turn in 5-DMA and bearish MACD crossover.
   
• Downside finds strong support at 20-DMA at 0.7268, break below will see further drag.
   
• Technical indicators are biased lower, Doji formation seen on Friday's candle adds to downside bias.
   
• Focus this week shall be on US macro data - monthly retail sales and CPI print, along with the Fed Chair Janet Yellen's testimony for cues on further direction.
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Support levels - 0.7268 (20-DMA), 0.7230 (61.8% Fib of 0.7485 to 0.6817 fall), 0.7206 (June 21 low)

Resistance levels - 0.7279 (5-DMA), 0.7342 (78.6% Fib), 0.7375 (Feb 7th high)

Recommendation: Good to go short on break below 20-DMA, SL: 0.7310, TP: 0.7230/ 0.72/ 0.7170

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -18.7309 (Neutral), while Hourly USD Spot Index was at 91.3868 (Bullish) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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