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NZD/USD chart - Trading View
NZD/USD was trading 0.47% higher on the day at 0.7174 at around 08:10 GMT, outlook is bullish.
The pair has resumed upside after a brief pause on Friday's trade and is set to test daily cloud.
Data released earlier on Monday showed New Zealand’s Business NZ PSI data crossed upwardly revised 49.7 prior readings with 52.4 figures for March.
Technical studies support upside in the pair. Price action has edged above 20W MA and is on track to test daily cloud.
Decisive break above daily cloud will fuel further gains. On the flip side, 5-DMA is immediate support at 0.7135. Breach below 110-EMA negates any upside bias.
Mounting Covid woes in the key regional players like India, Indonesia and the Philippines are likely to keep gains limited.
Focus on the risk catalysts for fresh impulse ahead of tomorrow’s monetary policy meeting by the People’s Bank of China (PBOC).
