FxWirePro: NZD/USD consolidates above 55-EMA, near-term outlook bullish
NZD/USD chart - Trading View
NZD/USD snaps 4-day winning streak, trades marginally lower at 0.7163 at around 05:40 GMT.
The antipodeans depressed after mixed data dump from China. Technical bias remains bullish.
Data released early on Friday showed China Q1 GDP, Industrial Production came in weaker-than-expected but Retail Sales beat forecast and prior.
China’s Q1 GDP fell to 0.6% YoY, missing forecasts at 1.5% and 2.6% prior, while Industrial Production weakened to 14.1% versus 17.2% expected and 35.1% previous.
On the other side, Retail Sales improved to 34.2% beating 28.0% market consensus and 33.8% during the previous month.
NZD/USD consolidates above 55-EMA and monthly cloud. The pair is set to retest 200M MA resistance at 0.7196. Decisive break above will see upside resumption.
On the flipside, failure to hold above monthly cloud and 55-EMA will negate any bullish bias. Focus on US Michigan Consumer Sentiment Index for impetus.