NZD/USD climbs higher toward 0.6400 dominated by US-China trade headlines


  • China and US have reportedly agreed to "phased rollback" of tariffs.
  • US Dollar Index moving sideways below the 98 mark.
  • Coming up: Weekly Jobless Claims and September Consumer Credit Change data from US.

The NZD/USD pair gained traction on Thursday as the latest headlines surrounding the United States (US) - China trade dispute helped antipodeans gather strength. As of writing, the pair was trading at 0.6375, adding 0.12% on a daily basis.

Renewed trade optimism lifts NZD

Earlier in the day, China's Commerce Ministry in a statement announced that the US and China have agreed to cancel existing tariffs in different phases. "If China and the US reach phase one trade deal, both sides must cancel existing tariffs at the same time, in the same proportion based on the agreement," the statement read.

Additionally, Chinese news outlet Xinhua reported that China was considering to remove restrictions on poultry imports from the United States. 

On the other hand, the US Dollar Index, which rose to 98 area earlier this week supported by upbeat macroeconomic data releases, is moving sideways on Thursday, allowing the trade headlines to continue to dominate the pair's action. Later in the session, weekly Jobless Claims data from the US and September Consumer Credit Change report will be looked upon for fresh impetus.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6375
Today Daily Change 0.0008
Today Daily Change % 0.13
Today daily open 0.6367
 
Trends
Daily SMA20 0.6366
Daily SMA50 0.6342
Daily SMA100 0.6461
Daily SMA200 0.6586
 
Levels
Previous Daily High 0.6393
Previous Daily Low 0.6359
Previous Weekly High 0.6458
Previous Weekly Low 0.6333
Previous Monthly High 0.6437
Previous Monthly Low 0.6204
Daily Fibonacci 38.2% 0.6372
Daily Fibonacci 61.8% 0.638
Daily Pivot Point S1 0.6353
Daily Pivot Point S2 0.6339
Daily Pivot Point S3 0.6319
Daily Pivot Point R1 0.6387
Daily Pivot Point R2 0.6407
Daily Pivot Point R3 0.6421

 

 

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