NZD/USD remains on track to finish the week more than 100 pips lower
|- NZD/USD recovers modestly on Friday.
- Disappointing employment data weighs on the NZD this week.
- US Dollar Index looks to post its highest weekly close of 2019.
The NZD/USD pair dropped to its lowest level in more than two weeks at 0.6730 earlier today before retracing a very small part of its weekly decline. As of writing, the pair was trading at 0.6748, staying unchanged on a daily basis.
Earlier this week, the disappointing labour market report from New Zealand, which revealed that the unemployment rate rose to 4.3% in the fourth quarter vs the analysts' estimate of 4.1%, weighed on the kiwi while the broad-based USD strength didn't allow the pair to make a decisive recovery. With the greenback going into a consolidation phase toward the end of the week, the US Dollar Index is virtually flat on the day near 96.60, staying on track to finishing the week more than 1% higher.
In addition to the dismal data from New Zealand, headlines surrounding the U.S. - China trade conflict and the heavy commodity sell-off this week put additional weight on the NZD's shoulders. According to several news outlets, President Trump is not planning to meet his Chinese counterpart before the March 1 deadline, which revives the possibility of the U.S. continuing to impose tariffs on Chinese goods for a longer period than markets were hoping for.
Key technical levels
NZD/USD
Overview:
Today Last Price: 0.6748
Today Daily Open: 0.6751
Trends:
Daily SMA20: 0.6817
Daily SMA50: 0.6801
Daily SMA100: 0.6723
Daily SMA200: 0.6759
Levels:
Previous Daily High: 0.6832
Previous Daily Low: 0.6744
Previous Weekly High: 0.6943
Previous Weekly Low: 0.6816
Previous Monthly High: 0.694
Previous Monthly Low: 0.6516
Daily Fibonacci 38.2%: 0.6778
Daily Fibonacci 61.8%: 0.6798
Daily Pivot Point S1: 0.6719
Daily Pivot Point S2: 0.6688
Daily Pivot Point S3: 0.6631
Daily Pivot Point R1: 0.6807
Daily Pivot Point R2: 0.6864
Daily Pivot Point R3: 0.6895
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