• FxWirePro: NZD/USD grinds sideways along 21-ema support, scope for upside as price holds above 21-ema support

    Source: FxWire Pro - Technicals / 01 Jul 2020 02:28:17   America/New_York

    NZD/USD chart - Trading View 

    NZD/USD was trading 0.15% lower on the day at 0.6444 at around 06:00 GMT.

    The pair has held above 21-EMA support and weakness only on break below.

    Upbeat China Caxin PMI data fails to impress kiwi bulls as sisk-off sentiment seeps back into markets.

    People’s Bank of China (PBOC) also said that China's economy gradually recovering, as the overall demand improves from a low level. Upbeat comments were largely ignored.

    Technical bias remains bullish, but volatility is low as evidenced by shrinking Bollinger bands.

    Price action is above 200-DMA and daily cloud. Clear break above 20-DMA (currently at 0.6460) will fuel further upside. 

    Major Support: 0.6322 (200-DMA)

    Major Resistance: 0.6536 (110W EMA)

    Summary: Price action capped between major EMAs on the weekly charts. Major trend is bullish and clear breakout above 20-DMA which is currently capping upside will see upside resumption. 
     

Share on,