FxWirePro: NZD/USD grinds sideways below 5-DMA, outlook bearish

Chart - Courtesy Trading View 

NZD/USD was trading 0.18% higher on the day at 0.6625 at around 10:30 GMT, down from session highs at 0.6648.

Recovery in the pair was rejected at 21-EMA and the pair has turned bearish in the near-term.

Worries over an imminent Russian invasion of Ukraine continue to weigh on investors' sentiment, denting the antipodeans.

Major trend in the pair is bearish. Price action is below major moving averages which are trending lower.

GMMA indicator shows major and minor trend are strongly bearish. MACD and ADX also support weakness in the pair.

Focus now on the release of the US Producer Price Index (PPI) for January, due later during the North American session. 

Geopolitical developments will also have an influence in the USD and produce trading opportunities for the pair.

Support levels - 0.66, 0.6537 (Lower BB), 0.6529 (Jan 28 low)

Resistance levels - 0.6645 (5-DMA), 0.6664 (21-EMA), 0.67

Summary: NZD/USD fades early gains. Upside in the pair lacks traction. Scope for downside resumption. Dip till 0.6230 likely in the near-term.