FxWirePro: NZD/USD retraces below 21-EMA, 'Inverted Hammer' dents upside

Chart - Courtesy Trading View 

NZD/USD was trading 0.62% lower on the day at 0.6189 at around 12:10 GMT.

The pair has retraced break above 21-EMA after 'Inverted Hammer' formation on the previous session's candle.

Kiwi remains depressed after data released earlier on Thursday showed New Zealand trade deficit widened in June.

New Zealand Trade Balance fell to $10.51B YoY from $9.56B (revised) prior, whereas the monthly figures also marked a deficit of $701 million versus the $195M previous surplus. 

Details of the report showed a reduction in Exports to $6.42B from $6.87B prior while Imports improved to $7.12B versus 6.68B prior.

Also, the fresh risk-off market sentiment and a lack of major data/events at home added to the pair's weakness.

Major trend in the pair is bearish and upside seems to have failed to extend break above 21-EMA.

Price action hovers around 5-DMA support at 0.6190. Close below will see more downside. Dip till 0.61 likely.