FxWirePro: NZD/USD pauses 2-day winning streak, bias bullish as long as pair holds above 55-EMA

NZD/USD chart - Trading View 

NZD/USD trades comatose at the week's beginning, weak New Zealand data dents upside.

The major has paused 2-day winning streak and has formed a 'Doji' on the daily candle at the time of writing.

The pair was trading largely muted at 0.6141 at around 05:05 GMT after closing 0.83% higher on Friday's trade.

Official data released earlier today showed New Zealand's consumer spending tanked in April amid lockdown.

Retail card spending across New Zealand fell by more than $2.6 billion in April, record fall in both dollar terms and percentage change terms.

The Kiwi showing resilience to poor data, as risk reset supports antipodeans. Hopes of easing lockdowns in the US and around the world support optimism.

United States inflation data due on Tuesday and RBNZ interest rate decision due on Wednesday will be major catalysts for price action.

Bias remains bullish as long as pair holds above 55-EMA support. Upside resumption finds major hurdles at 110-EMA at 0.6209, 61.8% Fib at 0.6264 and 200-DMA at 0.6337.

Supports on the downside align at 55-EMA at 0.61, 21-EMA at 0.6056 and 38.2% Fib at 0.5960.