NZD/USD Technical Analysis: backing away from 0.6600 in Asia session trading

• The Kiwi continues to decline from early Tuesday's spike on better-than-expected CPI for New Zealand, and the NZD/USD is easing back after reaching overbought levels on the macro bump.
• The NZD's fresh high for the week is helping to mark in a new swing high for the pair with higher lows beginning to form up from October 8th's bottom at 0.6425, but the 200-hour moving average is beginning to roll over into a bullish trend, implying improving odds of a pullback to the major average before a consistent leg higher.
• A decline back past the week's low on the wrong side of 0.6500 could see the NZD/USD's bullish stance get challenged by broader market sentiment, which remains closely tied to risk flows into and out of the US Dollar.

NZD/USD Chart, 15-Minute