FxWirePro: NZD/USD losing upside momentum, back-to-back Dojis dent upside

NZD/USD chart - Trading View 

NZD/USD extends marginal gains on the day and was trading 0.32% higher at 0.7037 at around 05:50 GMT.

Upside in the pair has paused at the 0.71 handle and upside momentum seem to be fading.

Back-to-back Dojis on the weekly charts suggest hesitation among the bulls to take the pair higher, dents side potential.

Analysis of the GMMA indicator shows major trend is bullish, while minor trend has turned neutral.

Risk tone to impact price movements amid worsening virus conditions and as trader’s wait for the key Food and Drug Administration’s (FDA) approval of Pfizer’s covid vaccine.

On the data front, focus shall be on the US Consumer Price Index (CPI) for November. Analysts expected CPI to ease from 1.2% to 1.1% YoY.

Resumption of upside likely on decisive break above 0.72 handle. Next bull target lies at 88.6% Fib at 0.7320. Bullish invalidation below 200W MA.