NZD/USD clings to strong daily gains above 0.7000 ahead of mid-tier US data

NZD/USD regained its traction after closing in the red on Monday.
US Dollar Index stays below 92.00 on Tuesday.
Second-quarter jobs report from New Zealand will be looked upon for fresh impetus.

Eren Sengezer FXStreet

The NZD/USD pair registered small losses on Monday but managed to gather bullish momentum during the Asian session on Tuesday and climbed to a daily high of 0.7019. As of writing, the pair was up 0.6% on the day at 0.7010.

Market mood remains upbeat on Tuesday

Earlier in the day, the sharp upsurge witnessed in the AUD/USD pair following the Reserve Bank of Australia's policy announcements helped the positively-correlated NZD/USD edge higher. Furthermore, the renewed USD weakness seems to be allowing the pair to preserve its momentum ahead of the American session. Currently, the US Dollar Index is down 0.16% on the day at 91.92.

Later in the session, the ISM-NY Business Conditions Index, the IBD/TIPP Economic Optimism Index and June Factory Orders data will be featured in the US economic docket.

Meanwhile, Wall Street's main indexes remain on track to open the second straight day in the positive territory, suggesting that the greenback could continue to have a difficult time finding demand if risk flows remain in control of financial markets.

On Wednesday, Statistics New Zealand will release the second-quarter jobs report. The Unemployment Rate is expected to decline to 4.5% from 4.7% in the first quarter. A stronger-than-forecast print is likely to help the NZD to continue to outperform its rivals and vice versa.

New Zealand Employment Preview: Upbeat jobs data to open RBNZ rate-hike door.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.7012
Today Daily Change	0.0043
Today Daily Change %	0.62
Today daily open	0.6969

Trends
Daily SMA20	0.6977
Daily SMA50	0.7063
Daily SMA100	0.7102
Daily SMA200	0.7095

Levels
Previous Daily High	0.6993
Previous Daily Low	0.6952
Previous Weekly High	0.7022
Previous Weekly Low	0.6902
Previous Monthly High	0.7106
Previous Monthly Low	0.6881
Daily Fibonacci 38.2%	0.6978
Daily Fibonacci 61.8%	0.6968
Daily Pivot Point S1	0.695
Daily Pivot Point S2	0.693
Daily Pivot Point S3	0.6908
Daily Pivot Point R1	0.6991
Daily Pivot Point R2	0.7013
Daily Pivot Point R3	0.7033

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.

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.