FxWirePro: NZD/USD refreshes weekly high on upbeat China trade data, focus on RBNZ

NZD/USD chart - Trading View 

NZD/USD was trading 0.23% higher on the day at 0.6993 at around 05:15 GMT, slightly lower from session highs at 0.7009.

The kiwi was buoyed after and garnered upside momentum after upbeat Chinese trade data confirmed the nations' pace of economic recovery.

China's trade surplus published earlier on Tuesday came at USD 51.53 billion in June, much higher than the market consensus of USD 44.2 billion.

Details of the report showed imports and exports both outpaced estimates. Exports surged +32.2% vs. +23.1% expected, while imports rose +36.7% vs. +30.0% expected.

Focus now on US Consumer Price Index data and the RBNZ policy decision for further impetus.

The markets have priced in a hawkish outcome and the RBNZ decision may not generate a large move in the Kiwi.

Technical bias for the pair is bearish. A bullish RSI divergence on the daily charts raises scope for some upside. 

21-EMA is major resistance. Any decisive break above could change near-term dynamics. Bears eye trendline support at 0.6910.