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FxWirePro: NZD/USD struggles at 21-EMA, decisive break above required for upside continuation

Chart - Courtesy Trading View 

NZD/USD was trading 0.20% higher on the day at 0.5692 at around 05:20 GMT.

The pair is holding marginal gains, but finds stiff resistance at 21-EMA, break above required for further upside.

Data released earlier on Tuesday showed New Zealand's inflation rate blew past expectations in the third quarter stoking expectations of more interest rate hikes.

Price action has broken above 20-DMA, 5-DMA is biased higher. The pair is trading above 200H MA.

Stochs and RSI are biased higher. Chikou span is biased higher. GMMA indicator has turned bullish on the intraday charts.

Bullish divergence on the daily charts raises scope for upside in the pair. Watch out for break above 21-EMA for further gains.

Major Support Levels: 

S1: 0.5638 (5-DMA)

S2: 0.5617 (200H MA) 

Major Resistance Levels: 

R1: 0.5708 (21-EMA)

R2: 0.58

Summary: NZD/USD pivotal at 21-EMA resistance, decisive break above to take the pair higher.
 

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