FxWirePro: NZD/USD slips lower, antipodeans under pressure amid escalating US-China tensions

NZD/USD chart - Trading View 

NZD/USD was trading 0.32% lower on the day at 0.6122 at around 05:00 GMT.

The pair has paused 3 straight session of gains, bias remains bullish.

Fonterra’s downbeat earnings dents kiwi. Fonterra cuts 2019-20 mild price forecast to NZ$7.10-NZ$7.30/kg due to softer global demand.

Mixed clues from RBNZ’s Chief Economist Yuong Ha who favored no rate change until March 2021 provide little support.

Price action is consolidating above daily cloud and hovers around 50% Fib retracement at 0.6112.

Momentum studies are bullish and GMMA shows minor trend is bullish. Volatility is rising and resumption of upside finds next immediate resistance at 110-EMA at 0.6186.

21-EMA is major support and break below will see dip till daily cloud. Break below cloud negates any bullish bias.

U.S. preliminary PMIs and the weekly Jobless Claims along with virus updates will be in focus for further impetus.