FxWirePro: NZD/USD pauses two-day uptrend at 21-EMA, mixed New Zealand trade data fails to support

NZD/USD chart - Trading View 

NZD/USD was trading 0.04% lower on the day at 0.6945 at around 05:15 GMT, after closing 0.87% higher in the previous session.

The major paused its two-day bullish streak at 21-EMA resistance, mixed New Zealand trade data was of no help.

Data released earlier today showed NZ Trade Balance for July came in as $-402M versus $245M prior. 

Details of the report showed that the Imports grew from $5.71B to $6.16B while Exports eased from $5.96B to $5.75B. 

The pair refreshed intraday low at 0.6929, following the release of New Zealand (NZ) trade numbers.

Further, New Zealand reported 62 new coronavirus cases which could lead the country to extend its national lockdown.

Covid restrictions have already forced the Reserve Bank of New Zealand (RBNZ) to delay a rate hike this month.

Markets now price in a 71% chance of a rate rise at its next meeting on Oct. 6, and a real chance of a further hike in December.

Price action has edged above 200H MA and GMMA shows a bullish shift on the intraday charts. Decisive break above 21-EMA could see further upside.

'Death Cross' is likely to keep upside limited. Next major resistance is seen at 0.70 mark. Gains beyond 0.70 look elusive for now. 

Focus on US Durable Goods Orders due later today and key Jackson Hole Symposium event later in  the week for impetus.