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FxWirePro: NZD/USD rangebound ahead of FOMC meeting, retrace finds stiff resistance at 21-EMA (0.6560)
NZD/USD chart - Trading View
NZD/USD trades in a narrow range on the day, unchanged at 0.6528 at 04:45 GMT.
The major has bounced off strong trendline support on Monday's trade after 'Gravestone Doji' formation.
Improved risk sentiment on revived US-China trade optimism and US dollar weakness ahead of FOMC supporting minor gains.
Major trend is bearish. We see no major signs of reversal, upside finds stiff resistance at 21-EMA at 0.6560.
'Death Cross' set to plummet prices further. Break below major trendline support at 0.6490 to accentuate downside. Scope for drop till 0.6196 (Aug 2015 lows).
Break above 21-EMA eyes 50-DMA at 0.6599. Bearish invalidation only above 200-DMA.
Focus on US FOMC cash rate decision. The accompanying statement will be watched for crucial clues on direction of the economy.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.