NZD/USD closes in on 2019 lows, trades around 0.6620

AUD selloff weighs on the kiwi on Wednesday.
US Dollar Index stays near multi-month highs.

Eren Sengezer FXStreet

The broad-based USD strength on Tuesday weighed on the NZD/USD pair and caused it to close with a daily loss of 30 pips. With the antipodean coming under a renewed selling pressure in the Asian session, the pair extended its slide and touched its lowest level since January 2 at 0.6613. As of writing, the pair was trading at 0.6623, losing 0.33% on a daily basis.

Earlier today, the data published by the Australian Bureau of Statistics revealed that the inflation, as measured by the Consumer Price Index, in the first quarter of the year stayed unchanged to miss the market expectation for an increase of 0.2% and weighed on the AUD by reviving expectations of the Reserve Bank of Australia going for a rate cut in May. The strongly-correlated kiwi also weakened against the greenback following this data release.

The next data release from New Zealand will be Friday's trade balance data following tomorrow's ANZAC Day holiday.

On the other hand, the US Dollar Index, which gained traction yesterday as strong first-quarter earnings figures from big U.S. corporations eased concerns over an economic slowdown and allowed investors to price a hawkish shift in the FOMC's policy stance, is clinging to its gains. At the moment, the index is up 0.1% on the day at 97.70, looking to challenge yesterday's high of 97.78.

Technical levels to consider

NZD/USD

Overview
Today last price	0.6623
Today Daily Change	-0.0033
Today Daily Change %	-0.50
Today daily open	0.6656

Trends
Daily SMA20	0.6745
Daily SMA50	0.6804
Daily SMA100	0.6798
Daily SMA200	0.6731

Levels
Previous Daily High	0.6688
Previous Daily Low	0.6629
Previous Weekly High	0.6784
Previous Weekly Low	0.6667
Previous Monthly High	0.6939
Previous Monthly Low	0.6744
Daily Fibonacci 38.2%	0.6652
Daily Fibonacci 61.8%	0.6665
Daily Pivot Point S1	0.6627
Daily Pivot Point S2	0.6599
Daily Pivot Point S3	0.6568
Daily Pivot Point R1	0.6686
Daily Pivot Point R2	0.6717
Daily Pivot Point R3	0.6745

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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