NZD/USD chart - Trading View
NZD/USD was trading 0.38% lower on the day at 0.7170 at around 10:30 GMT.
The pair has paused upside at 61.8% Fib retracement at 0.7212, overbought conditions may cause some pullbacks.
US gross domestic product grew at only a 2% annualized rate in the quarter ended in September, missing forecasts at a 2.7% rate.
Further, consumers' inflation expectations over the next 12 months jumped to a 13-year high.
The dollar index (DXY) was headed for a third straight weekly decline, consolidates previous session's 0.53% slump .
Market participants now await the Fed policy meeting next week. Investors focus on how the Federal Reserve responds to higher inflation and concerns over tepid economic growth.
NZD/USD is consolidating break above weekly cloud, momentum on the weekly charts remains bullish.
Support levels - 0.7170 (nearly converge 200H MA and 5-DMA), 0.7134 (50% Fib), 0.7097 (200-DMA)
Resistance levels - 0.7196 (200-month MA), 0.72, 0.7212 (61.8% Fib)
Summary: NZD/USD pair finds strong support at 200H MA at 0.7168, decisive break below will drag the pair lower. Major trend is bullish. Break below 200-DMA will change near-term dynamics.
