FxWirePro: NZD/USD rangebound below 21-EMA, near-term outlook bearish

NZD/USD chart - Trading View 

NZD/USD was trading largely unchanged at 0.7033 at around 06:15 GMT, after closing 0.29% lower in the previous session.

The pair is set to resume weakness after recovery attempts were rejected at 21-EMA which is stiff resistance at 0.7062.

Price action has formed a Doji on the previous week's candle. 5-DMA is turning south, RSI is below the 50 mark.

Analysis of GMMA indicator shows major trend has turned bearish. Near-term moving averages have shown a bearish crossover on long-term moving averages. 

The pair finds series of stiff resistance till 0.71 mark and any meaningful upside only on decisive break above.

On the flipside, immediate support lies at 23.6% Fib at 0.6993 ahead of 200-DMA at 0.6893. Breach at 200-DMA support will open downside. 

US Consumer Price Index for March due Tuesday will be watched for further impetus. Headline CPI is expected at 2.5% YoY vs. 1.7% in February and core expected at 1.6% YoY vs. 1.3% in February.