NZD/USD is currently consolidating the recovery from 0.6545 to 0.6668 while February's rally from 0.6460 was capped at 0.6748 and the price was capped there on three occasions pointing to a bias to the downside.
Fundamentally, the bird is exposed to the global uncertainties and deflationary headwinds that the RBNZ's governor, Wheeler, recent said that the Central Bank will be monitoring Feb and March's data before deciding to act. The greenback, on the other hand, was gaining traction again and there have been some positive data releases of late from the US economy with the last for this week being the keenly awaited CPI for January expected higher than December.
NZD/USD has been supported by the 50 sma on the hourly sticks at 0.6616 and the price recently drifted through the 200 sma on the same time frame at 0.6634. 0.6420 is the next target for previous channel support line ahead of the Feb highs of 0.6748. To the downside, the pivot is at 0.6614 ahead of S3 at 0.6576, S2 at 0.6516 and S3 at 0.6478 with RSI in neutral across the time frames.