• FxWirePro: NZD/USD rangebound, markets cautious ahead of Federal Open Market Committee minutes

    Source: FxWire Pro - Technicals / 20 Feb 2019 02:16:16   America/New_York

    NZD/USD chart on Trading View used for analysis

    • NZD/USD is extending slight weakness on the day ahead of FOMC minutes.
    • The pair is trading 0.25% lower on the day at 0.6865 at 0645 GMT.
    • The pair refrained to extend yesterday’s recovery as Kiwi buyers remain cautious ahead of the FOMC minutes.
    • FOMC meeting will be released at 19:00 GMT today. Investors will look to confirm recent bearish bias on the monetary policy and balance sheet for fresh impulse.
    • Technical indicators are neutral to slightly bullish. Price action is above cloud and major moving averages.
    • 21-EMA is strong support at 0.6819 and we see weakness only on break below.
    • The major trades in a 'Symmetric Triangle' pattern and breakout at triangle top to see further gains.
    • Sino-US negotiations will remain a major risk. US diplomats are working on an MoU for the Chinese Vice Premier Hui Le’s February 20-21 visit.

    Support levels - 0.6858 (5-DMA), 0.6828 (20-DMA), 0.6819 (21-EMA)

    Resistance levels - 0.6930 (trendline), 0.6941 (Feb 1 high), 0.6969 (Dec 4 high)

    For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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