NZD/USD climbs to highest level in nearly two weeks around mid-0.6700s


  • NZD/USD pair is rising for the fourth straight day on Wednesday.
  • New Zealand revisions on GDP and unemployment helped NZD gather strength.
  • Focus shifts to FOMC meeting, second-quarter GDP data from New Zealand.

The NZD/USD pair gained traction during the Asian session on Wednesday and continued to push higher after closing the previous three trading days in the positive territory. As of writing, the pair was trading at its highest level since September 3rd at 0.6748, gaining 0.42% on a daily basis. 

Earlier in the day, New Zealand's pre-election economic and fiscal report showed that the unemployment rate was expected to be 7.8%, better than the 9.8% projected in the budget report. Additionally, the forecast for annual gross domestic product (GDP) contraction got revised to 16% from 23.5%. 

Focus shifts to FOMC

Meanwhile, the greenback remains on the back foot ahead of the FOMC's Interest Rate Decision and Monetary Policy Statement. At the moment, the US Dollar Index is down 0.26% on the day at 92.83.

Previewing this event and its potential impact on the USD's performance, "we expect the Fed to take the first step in shifting from stabilization to accommodative policies at the upcoming meeting," said Bank of America analysts. "We anticipate a subdued reaction in the FX market, with risks somewhat skewed USD-negative on the day depending on forward guidance language." 

In the early trading hours of the Asian session on Thursday, the second-quarter GDP data from New Zealand will be looked upon for fresh impetus as well. Investors expect the economic activity to contract by 12.8% on a quarterly basis.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6748
Today Daily Change 0.0034
Today Daily Change % 0.51
Today daily open 0.6714
 
Trends
Daily SMA20 0.6657
Daily SMA50 0.6625
Daily SMA100 0.6458
Daily SMA200 0.6391
 
Levels
Previous Daily High 0.6737
Previous Daily Low 0.6683
Previous Weekly High 0.6724
Previous Weekly Low 0.6601
Previous Monthly High 0.6764
Previous Monthly Low 0.6488
Daily Fibonacci 38.2% 0.6716
Daily Fibonacci 61.8% 0.6704
Daily Pivot Point S1 0.6686
Daily Pivot Point S2 0.6657
Daily Pivot Point S3 0.6632
Daily Pivot Point R1 0.674
Daily Pivot Point R2 0.6765
Daily Pivot Point R3 0.6794

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD: Corrective advance intact while above 0.7065

AUD/USD stalls its corrective bounce just shy of the 0.71 barrier, as the bulls take a breather before the next push higher. The spot is holding above the critical support at 0.7065 amid the upbeat market mood-driven reduced haven demand for the US dollar. 

AUD/USD News

USD/JPY finally about to make the U-turn to 103s?

USD/JPY is under pressure as the US dollar is broadly sold off across the board. DXY has been telegraphing a downside correction for a number of days. Meanwhile, there has been a couple of domestic releases for the yen with the Bank of Japan Summary of Opinions.

USD/JPY News

Gold looks north, two key levels to watch out

Gold started out the US NFP week on a solid footing, rallying nearly $20 on Monday. The metal bounced-off the SMA100 one-day support for the third straight day, courtesy of the broad retreat in the USD from two-month peaks.

Gold News

GBP crosses catching a bid in Asia on Brexit hopes

There have been a series of news relating to Brexit and monetary policy to start the week which has been underpinning the pound. The latest news, reported by the Times, states that the ''European negotiators have indicated for ...

Read more

WTI slips below $40.50 amid US dollar recovery, API data eyed

WTI refreshed the intraday low after reversing from $40.79. US dollar regains upside momentum amid hopes of further stimulus. Challenges to the US-China trade deal add downside pressure on oil prices. API data, USD moves become the key amid a light calendar.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures