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Chart - Courtesy Trading View
NZD/USD was trading 0.22% higher on the day at 0.7005 at around 09:40 GMT.
The pair has bounced off daily cloud which is offering strong support at 0.6987.
That said, momentum studies are bearish, upside remains capped at 5-DMA.
Resurgent US dollar demand across the board amid rising inflationary pressures and Fed’s rate hike expectations keeps downside pressure.
US Treasury yields are once again looking attractive while the DXY tested 16-month peak 96.24 before trimming some gains.
NZD/USD has failed to extend break above 200-DMA, technical indicators have turned bearish.
Support levels - 0.6960 (23.6% Fib), 0.6940 (trendline)
Resistance levels - 0.7020 (5-DMA), 0.7053 (50-DMA)
Summary: NZD/USD pivotal at cloud support, break below will plummet prices. Scope for test of major trendline support at 0.6940.
