New Zealand Consumer Price Index, released by the Statistics New Zealand, has missed expectations and is weighing on NZD/USD as follows:

• CPI (QoQ) Q1 1.8% (est 2.0%; prev 1.4%).
• CPI (YoY) Q1 6.9% (est 7.1%; prev 5.9%).

NZD/USD is falling from 0.6806 to a low of 0.6783 so far:

The price jetted from the daily resistance as per the 5-min chart reaction above and is now on the verge of taking on hourly support near 0.6770:

As for the daily chart:

The bears are engaged and should support break, then the outlook is bearish thereafter:

About Consumer Price Index

Consumer Price Index released by the Statistics New Zealand is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of NZD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative.