NZD/USD climbs to fresh weekly highs above 0.7070

NZD/USD is rising for the fourth straight day on Thursday.
US economy grew by 6.4% in the first quarter as expected.
US Dollar Index stays in the negative territory after US data releases.

Eren Sengezer FXStreet

The NZD/USD pair extended its rebound into the fourth straight day on Thursday and touched its highest level in a week at 0.7074. As of writing, the pair was up 0.36% on a daily basis at 0.7068.

Investors ignore US data ahead of Fedspeak

Following the mixed data releases, the greenback continues to have a difficult time attracting investors and the US Dollar Index (DXY) was last seen losing 0.12% on the day at 91.68. Additionally, Wall Street's main indexes remain on track to open in the positive territory, suggesting that the USD weakness is likely to persist during the American session with risk flows dominating the markets.

The US Bureau of Economic Analysis reported earlier in the session that the Real Gross Domestic Product (GDP) expanded at an annual rate of 6.4% in the first quarter. This print matched the previous estimate as expected.

Other data from the US showed that the weekly Initial Jobless Claims declined modestly to 411,000 from 418,000 and Durable Goods Orders rose by 2.3% in May, missing analysts' estimate for an increase of 2.7%.

Later in the day, several FOMC policymakers will be delivering speeches and investors will look for fresh clues regarding the policy outlook. On Wednesday, Atlanta Fed President Raphael Bostic's hawkish comments helped the stage a rebound in the late American session.

On Friday, Trade Balance data from New Zealand will be looked upon for fresh impetus.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.7069
Today Daily Change	0.0025
Today Daily Change %	0.35
Today daily open	0.7044

Trends
Daily SMA20	0.7147
Daily SMA50	0.7184
Daily SMA100	0.7171
Daily SMA200	0.7045

Levels
Previous Daily High	0.7072
Previous Daily Low	0.6995
Previous Weekly High	0.7161
Previous Weekly Low	0.6923
Previous Monthly High	0.7317
Previous Monthly Low	0.7115
Daily Fibonacci 38.2%	0.7043
Daily Fibonacci 61.8%	0.7025
Daily Pivot Point S1	0.7002
Daily Pivot Point S2	0.696
Daily Pivot Point S3	0.6925
Daily Pivot Point R1	0.708
Daily Pivot Point R2	0.7115
Daily Pivot Point R3	0.7157

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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