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FxWirePro: NZD/USD grinds sideways along 21-EMA support, scope for upside as price holds above 21-EMA support

NZD/USD chart - Trading View 

NZD/USD was trading 0.15% lower on the day at 0.6444 at around 06:00 GMT.

The pair has held above 21-EMA support and weakness only on break below.

Upbeat China Caxin PMI data fails to impress kiwi bulls as sisk-off sentiment seeps back into markets.

People’s Bank of China (PBOC) also said that China's economy gradually recovering, as the overall demand improves from a low level. Upbeat comments were largely ignored.

Technical bias remains bullish, but volatility is low as evidenced by shrinking Bollinger bands.

Price action is above 200-DMA and daily cloud. Clear break above 20-DMA (currently at 0.6460) will fuel further upside. 

Major Support: 0.6322 (200-DMA)

Major Resistance: 0.6536 (110W EMA)

Summary: Price action capped between major EMAs on the weekly charts. Major trend is bullish and clear breakout above 20-DMA which is currently capping upside will see upside resumption. 

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