FxWirePro: NZD/USD slips below 0.60 handle, China data and risk-off weigh

NZD/USD chart - Trading View 

NZD/USD was trading 0.09% lower on the day at 0.5991 at around 08:25 GMT.

Kiwi dampened after mixed China data dump and reset in global risk sentiment.

The global risk sentiment was weighed down by fears about the second wave of coronavirus infections and escalating U.S.-China trade tensions.

Data released earlier today showed China’s Retail Sales slipped below -7.0% forecast to -7.5% whereas Industrial Production grew more than 1.5% expected to 3.9% in April.

Major trend in the pair is strongly bearish and minor trend has turned bearish. Momentum studies support weakness.

Price action has broken below Rising Wedge pattern and 'Bearish Divergence' on stochastics adds to the downside bias.

The pair is holding support at daily cloud and break below will see further downside. Dip till 50% Fib at 0.5822 likely.

Focus on U.S Retail Sales, Industrial Production and UMitch Consumer Sentiment data due later today for further impetus.