FxWirePro: NZD/USD trades in familiar ranges, recovery rejected at 21-EMA

NZD/USD chart - Trading View 

NZD/USD was extending sideways grind after recovery attempts in the pair were rejected at 21-EMA.

The pair finds a series of tough resistance in 0.7050 to 0.7070 range. Decisive break above 0.7070 mark is required for upside continuation.

Momentum is with the bears and 5-DMA is turning south, raising scope for weakness in the pair.

Investors remain hopeful about the prospects for a relatively faster US economic recovery, which is likely to keep downside pressure.

Focus now on Fed Chair Jerome Powell's scheduled speech later during the US session, which will determine near-term USD price dynamics.

Breach below 0.70 handle will drag prices lower. Scope for test of 200-DMA at 0.6888 ahead of 38.2% Fib at 0.6702.