NZD/USD clings to strong daily gains around 0.7170

NZD/USD is registering gains for the third straight day.
US Dollar Index struggles to gain traction after upbeat US data.
Upbeat market mood is helping NZD/USD stay bullish.

Eren Sengezer FXStreet

The NZD/USD pair rose to its highest level in nearly four weeks at 0.7181 during the European trading hours on Thursday and staged a technical correction before regaining its traction. As of writing, the pair was up 0.45% on the day at 0.7170.

USD fails to capitalize on strong data

Although the macroeconomic data releases from the US confirmed the strong economic rebound, the greenback struggled to gather strength amid the sharp decline witnessed in the US Treasury bond yields.

The US Department of Labor reported on Thursday that the weekly Initial Jobless Claims dropped to its lowest level in a year at 576,000. Additionally, the US Census Bureau's monthly publication revealed that Retail Sales, which contracted by 2.7% in February, surged by 9.8% in March, surpassing the market expectation for an increase of 5.9%. With the initial reaction, the US Dollar Index advanced to a daily high of 91.73 but reversed its direction to turn flat around 91.65 in the last hour.

In the meantime, the positive shift witnessed in risk sentiment, as reflected by Wall Street's main indexes' impressive gains, is helping NZD/USD preserve its bullish momentum.

On Friday, the Business NZ PMI data from New Zealand will be looked upon for fresh impetus.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.7176
Today Daily Change	0.0035
Today Daily Change %	0.49
Today daily open	0.7141

Trends
Daily SMA20	0.7043
Daily SMA50	0.7158
Daily SMA100	0.7143
Daily SMA200	0.6906

Levels
Previous Daily High	0.7151
Previous Daily Low	0.7046
Previous Weekly High	0.707
Previous Weekly Low	0.6996
Previous Monthly High	0.7308
Previous Monthly Low	0.6943
Daily Fibonacci 38.2%	0.7111
Daily Fibonacci 61.8%	0.7086
Daily Pivot Point S1	0.7074
Daily Pivot Point S2	0.7007
Daily Pivot Point S3	0.6969
Daily Pivot Point R1	0.718
Daily Pivot Point R2	0.7218
Daily Pivot Point R3	0.7285

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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