FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (GBPAUD and GBPJPY) for the day)
FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURUSD and AUDJPY) for the day)
FxWirePro: NZD/USD erases early losses, hovers around 21-EMA
Chart - Courtesy Trading View
NZD/USD was trading 0.26% higher on the day at 0.6817 at around 08:35 GMT, edging higher from session lows at 0.6787.
Prevalent risk-off mood in the markets and mixed data from China are likely to keep upside limited.
Chinese data released earlier in the day showed GDP grew 4% year-on-year and 1.6% quarter-on-quarter in the fourth quarter of 2021.
The data also showed that industrial production grew 4.3% year-on-year and retail sales grew 1.7% year-on-year in December, while the unemployment rate was at 5.1%.
Market also digest the People's Bank of China (PBOC) surprise benchmark cut. The PBOC cut borrowing costs for medium-term loans for the first time since April 2020.
Major trend in the pair is bearish. However, price action has bounced off 200H MA, raising scope for some upside.
55-EMA and daily cloud are stiff resistance, decisive break above could change near-term dynamics.