FxWirePro: NZD/USD erases early losses, 'Golden Cross' on the hourly charts limits downside

NZD/USD chart - Trading View 

NZD/USD was trading unchanged at 0.6645 at around 07:30 GMT.

The pair has erased early losses to edge higher from session lows at 0.6628.

On the data front China's downbeat Trade Balance data weighed. Imports showed a big jump which is a positive news for the Chinese economy, but data failed to impress the antipodeans.

China's Trade Balance in USD terms narrowed to +37B versus for September, missing forecasts at +59.98B and below +58.9B in the previous month.

Details of the report showed Exports (YoY) stood at +9.9% vs. +10.0% expected and +9.5% last. While Imports (YoY) were at +13.2% vs. +0.2% expected and -2.1% last.

Further, New Zealand’s Food Price Index slumped 1.0% in August. The REINZ House Price Index edged down from 1.9 percent to 0.2 percent in September, while, Electronic Card Retail Sales rallied 7.3% YoY.

The New Zealand dollar steadied after mixed economic data. Intraday techs are inconclusive and do not show a clear directional bias.

Focus will be on broad-based market sentiment, ahead of U.S. economic data. Bias remains tilted to the upside. Scope for test of 200W MA at 0.6773.

Strong support on the downside is seen at 0.6626 (converged 20-DMA and 21-EMA). Break below will see dip till 110-EMA at 0.6534. Bullish invalidation only below 200-DMA.