FxWirePro: NZD/USD struggles at daily cloud, outlook neutral

NZD/USD chart - Trading View 

NZD/USD was trading 0.05% lower on the day at 0.6003 at around 09:30 GMT, bias remains neutral.

China's MLF operation fails to lift the antipodeans. The People's Bank of China (PBOC) injected 56.1 billion Yuan into the system via targeted medium-term lending facility (MLF) operation. 

Notably, the central bank cut the interest rate on the 1-year targeted MLF to 2.95% from the previous rate of 3.15%.

Market sentiment grim as Gilead's coronavirus drug fails in first trial. As expectations of a quick economic recovery continue to dwindle risk assets remains subdued.

NZD/USD extends sideways along 21-EMA support. Volatility remains low and technical studies do not provide a clear directional bias for now.

Major trend in the pair is bearish, but a breakout above daily cloud could change near-term dynamics.