NZD/USD buyers struggle around 0.6100 despite upbeat New Zealand trade data


  • NZD/USD pops and drops to 0.6100 after New Zealand’s April month trade figures.
  • New Zealand Trade Balance recovered more on MoM basis to $1,267M versus $722M prior.
  • US-China tussle needs US President Donald Trump’s push.
  • A light calendar in Asia will wait for the return of full markets for fresh impulse.

NZD/USD fails to portray better than forecast New Zealand Trade Balance figures while taking rounds to 0.6100 amid the early Asian session on Tuesday.

New Zealand’s April month Trade Balance grew $1,267M versus $722M prior on an MoM basis whereas the yearly figures marked $2.5B deficit against $-3.4B earlier readout. Looking at the details, the Imports dropped to $3.99B from $5.09B while Exports also weakened to $5.26B compared to $5.82B prior.

The reason for the lack of reaction could be traced from the long weekend in the US and the UK, as well as no reaction on China’s march to Hong Kong by US President Donald Trump.

Even so, hopes of the economic restart, amid the easing lockdown restrictions, kept the market’s risk-tone mildly positive on Monday. That said, S&P 500 Futures drop 0.13% to 2,985 by the time of writing.

While a light economic calendar may keep restricting the pair’s moves ahead of the busy US session, comprising Dallas Fed Manufacturing Index and housing data from the US, traders will keep eyes on the US-China tension for fresh impetus.

It should also be noted that Aussie PM Scott Morrison earlier provided loose hints of his economic plan to combat China’s punitive measures. As a result, details of the same will also be the key for the NZD/USD pair for near-term direction.

Technical analysis

Monday’s candlestick formation on the daily chart, coupled with sustained trading beyond 50-day EMA level of 0.6080, suggests the pair’s another attempt to clear the key resistance around 0.6170 comprising 100-day EMA. However, failure to gain the bids above 0.6100 keeps buyers cautious.

Additional important levels

Overview
Today last price 0.6101
Today Daily Change 4 pips
Today Daily Change % 0.07%
Today daily open 0.6097
 
Trends
Daily SMA20 0.6066
Daily SMA50 0.5995
Daily SMA100 0.622
Daily SMA200 0.6321
 
Levels
Previous Daily High 0.6131
Previous Daily Low 0.608
Previous Weekly High 0.6159
Previous Weekly Low 0.5927
Previous Monthly High 0.6176
Previous Monthly Low 0.5843
Daily Fibonacci 38.2% 0.6099
Daily Fibonacci 61.8% 0.6112
Daily Pivot Point S1 0.6074
Daily Pivot Point S2 0.6052
Daily Pivot Point S3 0.6023
Daily Pivot Point R1 0.6125
Daily Pivot Point R2 0.6154
Daily Pivot Point R3 0.6176

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD clings to daily gains above 1.0650

EUR/USD clings to daily gains above 1.0650

EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.

EUR/USD News

GBP/USD recovers toward 1.2450 after UK Retail Sales data

GBP/USD recovers toward 1.2450 after UK Retail Sales data

GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.

GBP/USD News

Gold holds steady at around $2,380 following earlier spike

Gold holds steady at around $2,380 following earlier spike

Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.

Gold News

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in

Bitcoin price shows no signs of directional bias while it holds above  $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research. 

Read more

Week ahead – US GDP and BoJ decision on top of next week’s agenda

Week ahead – US GDP and BoJ decision on top of next week’s agenda

US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.

Read more

Forex MAJORS

Cryptocurrencies

Signatures