NZD/USD chart - Trading View
NZD/USD was trading 0.34% lower on the day at 0.7039 at around 09:55 GMT.
The pair is struggling to hold previous session's gains, extends choppy trade around 21-EMA.
Price action has been extending gradual grind lower in a sloping channel pattern and rejection at channel top has raised scope for downside.
Downside has held support at daily cloud and bounced higher. Momentum is however with the bears.
GMMA indicator shows major and minor trend has gone flat. MACD and ADX support gains.
Improved risk sentiment amid easing concerns about contagion from a potential China Evergrande Group default limiting downside in the pair.
Close below 21-EMA will negate further gains in the pair. On the other side, decisive break above will see test of next major hurdle at 200-DMA.
