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FxWirePro: NZD/USD extends weakness for the 4th straight session, outlook bearish
NZD/USD chart - Trading View
NZD/USD was trading 0.15% lower on the day at 0.7147 at around 07:10 GMT, outlook is bearish.
The pair has erased early gains led by upbeat China trade data and slipped into the red amid strong U.S. dollar.
Stellar U.S. non-farm payrolls on Friday pushed the dollar higher across the board. Dollar also seems to be benefitting from safe-haven demand amid risk-off.
Data released on Sunday showed China's export growth jumped to the highest in over two decades, while imports also showed a sharp bounceback from the coronavirus outbreak lows.
Exports spiked 60.6 percent on-year in the January-February period, well above forecasts, while imports rose 22.2 percent, official data showed Sunday.
Meanwhile, China's overall trade surplus came in at $103.3 billion, its customs administration said. The country's trade surplus with the US doubled from the same period last year to $51.3 billion.
Price action in the pair has retraced into daily cloud. The pair has slipped below 55-EMA and volatility is rising.
Momentum is bearish with Stochs and RSI sharply lower. Analysis of GMMA indicator shows near-term moving averages have turned bearish.
Break below cloud will accentuate weakness. Next major support lies at 110-EMA at 0.7040 ahead of 200-DMA at 0.6814.