NZD/USD back into the 0.6880 level after slipping from December's peaks

The Kiwi sees refreshed downside from December's new highs as risk aversion returns to the fold.
NZD data remains absent from economic calendars, keeping the pair strung up on broader market sentiment.

Joshua Gibson FXStreet

NZD/USD is trading back into 0.6880 after December's early open saw the Kiwi lift into six-month highs, but a resurgence in broad-market fears surrounding trade wars is seeing risk-based assets stooping against the US Dollar, especially in the Asia-Pacific region.

New Zealand economic data have been particularly devoid recently, leaving the NZD/USD pairing to trade into general market sentiment headwinds, and despite a steady recovery from October's lows, selling pressure remains built-in for the Kiwi, getting pulled back to the 200-day moving average at 0.6850, but a successful bounce by bidders from the key indicator could see a fresh bullish run get started.

Friday sees another round of the US NFP data dump, and Pacific investors are buckling down for the key data reading. Not content to dominate the economic calendar, the US is also the critical factor in news headlines as well, with US President Trump declaring himself a "Tariff Man" on Twitter this week, further undermining the perceived tariff truce that the US president struck with China's Xi Jinping last weekend, and broader markets are fearing a reappearance of escalating trade tensions between the US and China much sooner than expected.

NZD/USD Technical Levels

NZD/USD

Overview:
    Today Last Price: 0.6883
    Today Daily change: 4.0 pips
    Today Daily change %: 0.0581%
    Today Daily Open: 0.6879
Trends:
    Previous Daily SMA20: 0.6829
    Previous Daily SMA50: 0.667
    Previous Daily SMA100: 0.6667
    Previous Daily SMA200: 0.686
Levels:
    Previous Daily High: 0.6904
    Previous Daily Low: 0.6856
    Previous Weekly High: 0.6887
    Previous Weekly Low: 0.6753
    Previous Monthly High: 0.6887
    Previous Monthly Low: 0.6514
    Previous Daily Fibonacci 38.2%: 0.6874
    Previous Daily Fibonacci 61.8%: 0.6885
    Previous Daily Pivot Point S1: 0.6856
    Previous Daily Pivot Point S2: 0.6832
    Previous Daily Pivot Point S3: 0.6808
    Previous Daily Pivot Point R1: 0.6903
    Previous Daily Pivot Point R2: 0.6927
    Previous Daily Pivot Point R3: 0.6951

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.