FxWirePro: NZD/USD holds 21-ema support, weakness only on break below
Source: FxWire Pro - Technicals / 29 Jun 2020 00:36:37 America/New_York
NZD/USD chart - Trading View
NZD/USD extending range trade for the 3rd straight session, intraday bias neutral.
The major was trading 0.14% higher on the day at 0.6428 at around 04:00 GMT. Positive Covid-19 vaccine news from China buoys the kiwi.
A Covid-19 vaccine candidate developed by Chinese bio-pharmaceutical firm CanSino Biologics Inc in conjunction with a military research team has shown positive results in early human trials.
Markets are currently cheering the positive news, but rising number of coronavirus cases in the US and other parts of the world will likely cap gains.
Also, dovish stance from comments by the Reserve Bank of New Zealand's governor Orr who reiterated RBNZ's easy policy for some time dents upside.
The major holds strong support at 21-EMA at 0.6399. Break below will see test of 200-DMA support. Violation at 200-DMA will open downside.
On the flipside, bounce off 21-EMA eyes 110W EMA at 0.6536. Clear break above 110W EMA will fuel further gains.
Major Support: 0.6320 (200-DMA); Major Resistance: 0.6536 (110W EMA)
Summary: The pair is pivotal at 21-EMA support. Technical bias holds bullish support for the pair. Watch out for break above 20-DMA for upside resumption.
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