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NZD/USD chart - Trading View
NZD/USD was trading 0.62% higher on the day at 0.7273 at around 06:00 GMT, pausing 2 days of weakness.
The kiwi tracks its Australian counterpart higher, ignores poor China Caixin PMI data and remains bid amid positive market sentiment.
Caixin China Manufacturing PMI fell to 50.9 in February from January's 51.5, missing expectations for 51.4.
Asian shares rally as market turns optimistic on the ability to overcome the coronavirus (COVID-19) pandemic.
US Food and Drug Administration’s (FDA) approval of Johnson and Johnson’s one-shot vaccine and expectations of a strong fiscal boost from the UK and the US favored risk.
NZD/USD trades with a major bullish bias and pullback seems to find support at 21-EMA. Breach below 21-EMA support will test cloud support at 0.7163.
The pair has formed an inverted hammer on the previous week's candle adding to the bearish bias. Breach below cloud will see downside extension.
