FxWirePro: NZD struggles to extend Friday's recovery, finds stiff resistance at 21-EMA

NZD/USD chart - Trading View 

NZD/USD was trading rangebound on the day at 0.7206 at around 08:35 GMT, with session high at 0.7215 and low at 0.7191.

The pair was struggling to extend previous session's gains, finds stiff resistance at 21-EMA at 0.7215.

Downbeat China Trade data and risk-off market sentiment keep the antipodeans depressed.

Data published earlier this morning showed China's Trade Balance for May, in Yuan terms, came in at CNY296 billion versus CNY330.98 expectations and CNY276.5billion last.

Details of the report showed exports surged 39.5% last month vs. 22.2% previous. While, imports rose by 18.1% vs. 32.1% expected and 32.2% prior.

In USD terms, Trade Balance came in at +45.53B versus +50.5B expected and +42.85B previous, with imports and exports both missing estimates.

Moody’s Investors Service in its review on the Chinese economy, underscored the concerns over the post-pandemic recovery, further denting sentiment.

Major trend in the pair is bullish. Price action has retraced dip below daily cloud. Decisive break above 21-EMA will see further upside.