NZD/USD Seeks Support

The US dollar bounces as traders reposition ahead of today’s CPI. On the daily chart, a break above the first resistance at 0.6550 and a MA cross suggest that the market mood may have brightened up. However, a pullback below 0.6420 has put short-term buyers under pressure. 0.6320 at the base of the initial breakout is the next level to gauge buying interest. An oversold RSI may trigger a ‘buy-the-dip’ behavior. But the bulls will need to lift offers at 0.6460 and then 0.6530 before the rally could be back on track.

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