FxWirePro: NZD/USD hovers around 21-EMA, Kiwi extends gains on upbeat China's trade data

NZD/USD chart - Trading View 

NZD/USD was trading 0.49% higher at 0.6034 at around 06:10 GMT.

The pair is consolidating break below 21-EMA, scope for further downside.

The antipodeans extending gains after mixed China data released earlier today.

China's Caixin services PMI for April came in 44.4 at vs. 51.0 expected and 43.0 last. 

Meanwhile, the Composite Output Index rose to 47.6 in April from 46.7 booked in the previous month.

China reported a big jump in trade surplus. China's trade surplus widened to CNY 318.15 billion in April, bettering the estimate of CNY 39.50 billion and up from the previous month's CNY 139.42 billion. 

Details of the report showed exports rose 8.2% year-on-year following March's 3.5% drop and imports dropped by 10.2% year-on-year in April. 

Risk-off tone amid US-China tussle could weigh on the pair. Technical bias is also tilted towards the bears.

Price action has failed to hold break above 55-EMA and has retraced into daily cloud. The pair has slipped below 21-EMA which is now stiff resistance at 0.6034.

Major trend is bearish. Decisive break above 21-EMA will negate near-term bearish bias. Resumption of downside finds next support at Lower BB at 0.5937.