FxWirePro: NZD/USD grinds higher for the 3rd straight session, eyes 21-EMA resistance

Chart - Courtesy Trading View 

Spot Analysis:

NZD/USD was trading 0.13% higher on the day at 0.6655 at around 06:40 GMT

Previous Week's High/ Low: 0.6683/ 0.6538

Previous Session's High/ Low: 0.6653/ 0.6627

Fundamental Overview:

New Zealand Wednesday's quarterly inflation expectations release awaited in the context of RBNZ which is expected to continue hiking rates aggressively this year.

Focus also on key US CPI data due Thursday. A firmer-than-expected reading might trigger a further build-up of hawkish Fed bets.

Broader macro risk appetite has been fairly directionless, making for subdued FX market trade.

Technical Analysis:

- NZD/USD holds 5-DMA support, intraday bias is higher

- Major trend in the pair is bearish, price action is below 200-DMA 

- GMMA indicator shows bullish shift on the hourly charts, major trend on the dailies is bearish

- Stochs and RSI are in neutral territory and biased higher

Major Support and Resistance Levels:

Support - 0.6640 (5-DMA), Resistance - 0.6676 (21-EMA)

Summary: NZD/USD upside lacks conviction. Decisive break above 21-EMA required to change near-term dynamics.