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FxWirePro: NZD/USD rejected at 55-EMA, 'Gravestone Doji' dents upside

Chart - Courtesy Trading View 

Technical Analysis:

- NZD/USD was trading largely unchanged at 0.6285 at around 11:20 GMT

- The pair has been rejected at 55-EMA resistance at 0.6314, break above required for upside

- 'Gravestone Doji' formation on the daily candle weighs on the pair

- MACD and ADX still support upside in the pair, Chikou span is biased higher

- GMMA indicator shows major and minor trend are neutral

Data Watch:

Focus today will be on US Personal Consumption Expenditure (PCE) data, which is seen at 6.7%, higher than the prior print of 6.3%.

Support levels - 0.6264 (5-DMA), 0.6246 (200H MA), 0.6235 (21-EMA)

Resistance levels - 0.6314 (55-EMA), 0.6340 (Cloud base), 0.64

Summary: NZD/USD pivotal at 55-EMA resistance. Technical analysis has turned neutral. Watch out for decisive break above 55-EMA for upside continuation. 
 

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