NZD/USD clings to modest daily gains near 0.6670 ahead of US data


  • Business NZ PMI improves slightly in June, misses expectations.
  • US Dollar Index continues to move sideways near the 97 handle.
  • Coming up: Producer Price Index data from the U.S. 

The NZD/USD pair inched higher toward the 0.67 handle earlier in the day but, once again, lost its momentum before testing that level. As of writing, the pair was trading at 0.6670, adding 0.15% on a daily basis.

The pair seems to be taking advantage of the selling pressure surrounding the greenback. Despite a modest recovery attempt following yesterday's inflation report, the US Dollar Index is having a difficult time gaining traction. Ahead of the Producer Price Index data to be released in the early trading hours of the American session, the DXY is posting small losses at 97.

Earlier today, the data published by the Business NZ showed that the business activity in June expanded at a more robust pace than expected with the headline PMI improving to 51.3 from 50.2. However, this reading fell short of the market expectation of 53.1 but didn't have a negative impact on the kiwi.

Meanwhile, the data from China revealed that the trade surplus in June widened to $50.98 billion to beat the analysts' estimate of $44.65 billion and helped antipodeans gather strength against its rivals.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6668
Today Daily Change 0.0007
Today Daily Change % 0.11
Today daily open 0.6661
 
Trends
Daily SMA20 0.6601
Daily SMA50 0.6589
Daily SMA100 0.6698
Daily SMA200 0.6711
Levels
Previous Daily High 0.669
Previous Daily Low 0.6635
Previous Weekly High 0.6728
Previous Weekly Low 0.6602
Previous Monthly High 0.6722
Previous Monthly Low 0.6487
Daily Fibonacci 38.2% 0.6669
Daily Fibonacci 61.8% 0.6656
Daily Pivot Point S1 0.6634
Daily Pivot Point S2 0.6607
Daily Pivot Point S3 0.6579
Daily Pivot Point R1 0.6689
Daily Pivot Point R2 0.6717
Daily Pivot Point R3 0.6744

 

 

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