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FxWirePro: NZD/USD erases early losses, hovers around 21-EMA

Chart - Courtesy Trading View 

NZD/USD was trading 0.26% higher on the day at 0.6817 at around 08:35 GMT, edging higher from session lows at 0.6787.

Prevalent risk-off mood in the markets and mixed data from China are likely to keep upside limited.

Chinese data released earlier in the day showed GDP grew 4% year-on-year and 1.6% quarter-on-quarter in the fourth quarter of 2021. 

The data also showed that industrial production grew 4.3% year-on-year and retail sales grew 1.7% year-on-year in December, while the unemployment rate was at 5.1%.

Market also digest the People's Bank of China (PBOC) surprise benchmark cut. The PBOC cut borrowing costs for medium-term loans for the first time since April 2020. 

Major trend in the pair is bearish. However, price action has bounced off 200H MA, raising scope for some upside.

55-EMA and daily cloud are stiff resistance, decisive break above could change near-term dynamics. 
 

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