NZD/USD climbs back closer to multi-month tops, eyeing 0.6800 mark


  • Regains positive traction on Monday and seemed unaffected by a follow-through USD uptick.
  • Given last week’s breakthrough 200-DMA, dip-buying seemed to be the only factor supporting.

The NZD/USD pair regained positive traction on Monday and has now climbed back closer to 3-1/2 month tops, around the 0.6785-90 region.

After Friday's late pullback, the pair managed to attract some dip-buying interest at the start of a new trading week and seemed rather unaffected by a follow-through US Dollar buying interest amid tempered expectations of an aggressive Fed rate cut.

It is worth recalling that St. Louis Fed President James Bullard on Friday ruled out the possibilities of an aggressive monetary easing by Fed, saying that a 25 bps rate cut seems appropriate and the current US economic condition doesn't warrant a larger cut.

The USD strength, however, failed to hold back bullish traders and in absence of any major market moving economic releases, the uptick could be attributed to some technical buying - given last week's sustained beak through the very important 200-day SMA barrier.

It would now be interesting to see if the pair is able to capitalize on the positive momentum to confirm a near-term bullish breakout or meets with some fresh supply at higher levels as investors still await fresh updates on US-China trade negotiations.

Technical levels to watch

NZD/USD

Overview
Today last price 0.6784
Today Daily Change 0.0020
Today Daily Change % 0.30
Today daily open 0.6764
 
Trends
Daily SMA20 0.6682
Daily SMA50 0.6607
Daily SMA100 0.6676
Daily SMA200 0.6721
Levels
Previous Daily High 0.6792
Previous Daily Low 0.6758
Previous Weekly High 0.6792
Previous Weekly Low 0.6686
Previous Monthly High 0.6722
Previous Monthly Low 0.6487
Daily Fibonacci 38.2% 0.6771
Daily Fibonacci 61.8% 0.6779
Daily Pivot Point S1 0.675
Daily Pivot Point S2 0.6737
Daily Pivot Point S3 0.6716
Daily Pivot Point R1 0.6784
Daily Pivot Point R2 0.6805
Daily Pivot Point R3 0.6818

 

 

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