• NZD/USD climbed from a low of 0.6203 last week to regain the 0.63 handle.
  • Looking ahead for the week, we have a number of key events for the US.

NZD/USD is currently trading between a 21 pip range, currently at 0.6319 between a high of 0.6321 and 0.6300 having taken on the 21-DMA. The bird has been recovering purely as the US Dollar. continues to weaken. 

NZD/USD climbed from a low of 0.6203 last week to regain the 0.63 handle as the DXY slid over 1% since the start of the month. Of course, the US data has been a weight on the US Dollar and Friday's Nonfarm Payrolls did little to help the greenback's cause. 

"Kiwi continued to find lift as the USD fell more broadly once again," analysts at ANZ Bank explained. "Despite US labour data providing support for overall economic momentum, expectations for cuts at the October FOMC meeting were little changed as Fed Chair Powell acknowledged that the US economy faced risks. Expect offshore data to drive the kiwi in the short term."

US unemployment rate hit a cyclical low of 3.5%

September US non-farm payrolls fell short of market expectations, rising by 136k from an upwardly revised 168k in August.

"The US unemployment rate hit a cyclical low of 3.5% in September, from 3.7% in August, and is now at a level not seen since December 1969. Meanwhile, US average hourly earnings missed expectations and came in unchanged in September (surveys expected a 0.2% m/m gain). On a yearly basis, average hourly earnings decelerated to 2.9% and are now at their lowest level since mid-2018,"

the analysts at ANZ bank explained. 

Looking ahead for the week, we have a number of key events for the US, including Fed governor Powell, speaking, the FOMC minutes and US consumer Price Index

NZD/USD levels

A run above the 21-DMA opens risk to the Sep highs a cent higher and beyond the 50-DMA. On the downside, the 0.62 handle to open up the downside and risk to 2009 levels.

NZD/USD

Overview
Today last price 0.6317
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.6317
 
Trends
Daily SMA20 0.6325
Daily SMA50 0.6392
Daily SMA100 0.6506
Daily SMA200 0.6634
 
Levels
Previous Daily High 0.6338
Previous Daily Low 0.6296
Previous Weekly High 0.6338
Previous Weekly Low 0.6204
Previous Monthly High 0.6452
Previous Monthly Low 0.6249
Daily Fibonacci 38.2% 0.6322
Daily Fibonacci 61.8% 0.6312
Daily Pivot Point S1 0.6296
Daily Pivot Point S2 0.6275
Daily Pivot Point S3 0.6253
Daily Pivot Point R1 0.6338
Daily Pivot Point R2 0.636
Daily Pivot Point R3 0.6381

 

 

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