NZD/USD climbs to the highest since April 2019, eyeing a move beyond 0.6800

  • A combination of factors assisted NZD/USD to gain traction for the sixth consecutive session.
  • The USD remained depressed amid doubts over the sustainability of the US economic recovery.
  • Comments by NZ FinMin Robertson indicated that RBNZ could stay pat and remained supportive.

The NZD/USD pair continued scaling higher through the early European session and shot to the 0.6800 neighbourhood, or the highest level since April 2019 in the last hour.

The pair built on last week's goodish bounce from the 0.6600 round-figure mark and gained strong positive traction for the sixth consecutive session on Friday. The uptick also marked the seventh day of a positive move in the previous eight and was supported by a combination of factors.

The US dollar came under some renewed selling pressure on Thursday amid doubts over the sustainability of the US economic recovery. The market worries resurfaced following the release of Thursday's rather unimpressive Initial Jobless Claims, Philly Fed Manufacturing Index and housing market data.

On the other hand, the kiwi got a boost after the New Zealand Financial Minister, Grant Robertson, said that the RBNZ is committed to 0.25% OCR until March. The comments disappointed analysts anticipating a dovish tone at the upcoming RBNZ monetary policy review on September 23rd.

Friday's strong positive move could further be attributed to some technical buying above the 0.6760-70 supply zone. A subsequent strength beyond the 0.6800 round-figure mark will be seen as a fresh trigger for bullish traders and pave the way for a further near-term appreciating move.

Market participants now look forward to the release of the Michigan Consumer Sentiment Index for September, scheduled later during the early North American session. The data might influence the USD price dynamics and produce some short-term trading opportunities.

Technical levels to watch


Today last price 0.6786
Today Daily Change 0.0030
Today Daily Change % 0.44
Today daily open 0.6756
Daily SMA20 0.6677
Daily SMA50 0.6632
Daily SMA100 0.6471
Daily SMA200 0.6392
Previous Daily High 0.676
Previous Daily Low 0.6675
Previous Weekly High 0.6724
Previous Weekly Low 0.6601
Previous Monthly High 0.6764
Previous Monthly Low 0.6488
Daily Fibonacci 38.2% 0.6728
Daily Fibonacci 61.8% 0.6707
Daily Pivot Point S1 0.6701
Daily Pivot Point S2 0.6645
Daily Pivot Point S3 0.6616
Daily Pivot Point R1 0.6786
Daily Pivot Point R2 0.6815
Daily Pivot Point R3 0.6871



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

EUR/USD under pressure under 1.1850 amid US election concern

EUR/USD is under some pressure below 1.1850 the anti-risk dollar is drawing haven bids on reports of meddling in US elections and fading prospects of an imminent US stimulus deal. US jobless claims are eyed.


GBP/USD drops below 1.31 amid negative rate talks

GBP/USD has slipped under 1.31 after BOE member Haldane reiterated the bank is studying negative rates. Earlier, the resumption of Brexit talks boosted the pound. Coronavirus measures and restrictions are eyed.


Gold off lows, still in the red around $1920 region

Gold traded with a mild negative bias through the early European session, albeit has managed to trim a part of its daily losses to the $1911-10 region.

Gold News

Forex Today: Foreign intervention in US elections weighs on mood, jobless claims, politics eyed

Concerns about foreign intervention in the US elections have weighed on the market mood, allowing the dollar to recover after Wednesday's losses. Intense Brexit talks resume in London, boosting the pound.

Read more

WTI Price Analysis: Recovery remains capped below 100-DMA

WTI (futures on NYMEX) is fading its recovery attempt in the European session this Thursday, as the risk-off sentiment dominates amid surging coronavirus cases in the Old continent and diminishing prospects of a US fiscal stimulus deal. 

Oil News