FxWirePro: NZD/USD extends weakness below 200-DMA, eyes trendline support at 0.6915

NZD/USD chart - Trading View 

NZD/USD was trading 0.17% lower on the day at 0.6979 at around 09:15 GMT.

The pair is extending weakness for the 3rd straight session, outlook remains bearish.

Mixed official Chinese PMIs fail to impress the antipodeans. China’s NBS Manufacturing and Non-Manufacturing PMIs cross market consensus but stayed below priors.

China’s NBS Manufacturing PMI rose past 50.8 forecast to 50.9 but lagged behind the 51.00 prior. 

Further, Non-Manufacturing PMI also stayed below 55.2 prior despite crossing 52.7 market consensus with 53.5 readings for June.

Market focus now on the US ADP Employment Change for June for clearer direction ahead of Friday’s US NFP. ADP is expected at 600K versus 978K prior.

Technical bias for the pair is bearish. Recovery attempts were rejected at 21-EMA, price action has retraced below 200-DMA. 

GMMA indicator shows major and minor trend are strongly bearish on the daily and hourly charts. MACD and ADX also supports weakness.

Price action has tested 23.6% Fib at 0.6993 and is on track to test major trendline support at 0.6915.