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FxWirePro: NZD/USD slips below 21-EMA, outlook turns bearish ahead of RBNZ policy meet

NZD/USD chart - Trading View 

NZD/USD was trading 0.16% lower on the day at 0.6584 at around 10:20 GMT.

Price action in the pair has slipped below 21-EMA, scope for further downside.

Broad-based U.S. dollar strength post upbeat Non-farm Payrolls data on Friday weighs on the pair.

Kiwi largely unimpressed after data released early today showed higher-than-expected Chinese CPI numbers.

Traders await RBNZ policy decision due later this week where the central bank is expected to keep rates unchanged at 0.25%.

However, the RBNZ may boost or extend asset purchases to push down borrowing costs. Also, deteriorating Sino-American relations keep the antipodeans suppressed. 

Technical indicators support further weakness in the pair. Oscillators are biased lower. Dip till cloud support likely.

Support levels - 0.6498 (55-EMA), 0.6406 (110-EMA)

Resistance levels - 0.6607 (21-EMA), 0.6626 (5-DMA)

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