FxWirePro: NZD/USD edges higher from session lows, on track to test 200-DMA

Chart - Courtesy Trading View 

NZD/USD was trading 0.46% higher on the day at 0.6181 at around 10:55 GMT.

The pair has edged higher from session lows at 0.6130, is on track to test 200-DMA.

Momentum is bullish, volatility is high, price action is above daily cloud and Chikou span is biased higher.

MACD and ADX supports gains, GMMA indicator shows minor trend is bullish, while major trend is turning bullish.

Data released on Tuesday showed US Producer Price Index (PPI) for October eased to 8.0% YoY versus market forecasts of 8.3% and the downwardly revised prior of 8.4%. 

The monthly figure reprinted the 0.2% prior (revised from 0.4%) while easing below 0.5% expectations. 

Further, the Federal Reserve Bank of New York's Empire State Manufacturing Index jumped to 4.5 in November from -9.1 in October and the market expectation of -5.

Softer data stoke receding hawkish bets at the US central bank’s next move in December. Focus now on US Retail Sales for impetus.

US Retail Sales for October scheduled at 13:30 GMT later in the NY session are expected to rise to 1.0% versus 0.0% prior.

Support levels - 0.6113 (5-DMA), 0.6041 (110-EMA)

Resistance levels - 0.6189 (Upper BB), 0.6314 (200-DMA)

Summary: NZD/USD trades with a bullish bias. The pair is poised for further gains, 200-DMA at 0.6314 in sight.