FxWirePro: NZD/USD trades a narrow range, finds stiff resistance at 100-DMA (0.7190)

• NZD/USD trades a narrow range into the European session.
   
• The pair finds major resistance around 0.7166 levels which is nearly converged 5&20-day MAs.
   
• Kiwi failed to benefit from strong gains seen in its OZ counterpart after upbeat Australia CPI data.
   
• Monetary policy divergence between the Fed and RBNZ also continues to dampen the sentiment behind the NZD.
   
• Price action is well below daily cloud and 100-DMA is major resistance on the upside.
   
• Major support levels - 0.7109 (Oct 7 low), 0.7080 (50% Fib), 0.7060 (trendline), 0.7035 (Oct 13 low)
   
• Major resistance levels - 0.7166 (converged 5&20 DMA), 0.7175 (38.2% Fib), 0.7188 (100-DMA)
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Recommendation: Good to sell rallies around 0.7160, SL: 0.7220, TP: 0.7135/ 0.71/ 0.7080/ 0.7040