- NZD/USD keeps trailing a descending trend line from Wednesday even as China marked upbeat trade numbers for August.
- 100-bar EMA, key Fibonacci retracement levels can please the sellers.
- Bulls will emphasize taking entries on the break of 0.6800.
NZD/USD remains on the back foot while declining to 0.6707, down 0.23% on a day, during the early Monday. The pair recently shrugged off China’s August month trade numbers as a falling trend line from September 02 restricts the immediate upside, driving it to the 100-bar EMA support.
China’s Trade Balance grew past-$50.5B forecast to $58.9B in August. Further details suggest that the Exports rose 9.5% versus 7.1%.
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Other than the 100-bar EMA level of 0.6661, 50% and 61.8% Fibonacci retracements of the pair’s upside between August 20 and September 02, respectively around 0.6640 and 0.6600 will also challenge the bear during the quote’s further weakness.
On the flip side, buyers are less likely to be convinced unless the quote clears 0.6800 round-figures. Though, intermediate long positions on the upside break of 0.6725 trend line resistance towards 0.6790 can’t be ruled out.
NZD/USD four-hour chart
Trend: Bearish
