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FxWirePro: NZD/USD resumes upside after brief pause on Monday's trade, Kiwi better bid after Upbeat China PMI

NZD/USD chart - Trading View 

NZD/USD has resumed upside after the brief pause on Monday's trade, bias remains bullish.

The major was trading 0.29% higher on the day at 0.6029 at around 06:00 GMT, after closing 0.50% lower in the previous session.

The Kiwi was better bid after Upbeat China PMI which helped NZD/USD recover from the initial mini-flash crash.

Upbeat China data is likely to ease fears regarding a deeper coronavirus-led economic slowdown across the globe.

Risk-tone across markets also remains mildly positive supporting further upside in the pair.

Technical indicators still support upside. Major trend is bearish, but break above 21-EMA could see more upside momentum.

'Death Cross' (bearish 50-DMA crossover on 200-DMA) could limit upside. Rejection at 21-EMA will see downside resumption.

Breakout at 21-EMA will see next immediate hurdle at 0.6112 (50% Fib). Break above eyes 61.8% Fib at 0.6264.

Support levels - 0.5977 (5-DMA), 0.5833 (200H MA)

Resistance levels - 0.6112 (50% Fib), 0.6264 (61.8% Fib)

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