NZD/USD consolidates gains around 0.7300 in quiet session

NZD/USD touched its highest level since early March at 0.7301 on Friday.
US Dollar Index struggles to erase last week's losses.
Market action is likely to remain subdued in the remainder of the day.

Eren Sengezer FXStreet

The NZD/USD pair rose sharply on Friday and gained more than 100 pips in the previous week. In the absence of significant fundamental drivers, the pair started the new week in a relatively calm manner and seems to have gone into a consolidation phase around 0.7300, where it was up 0.3% on a daily basis.

USD remains on the back foot on Monday

The data published by the US Bureau of Labor Statistics showed on Friday that Nonfarm Payrolls (NFP) in April rose by only 266,000. This reading missed the market expectation of 978,000 by a huge margin and triggered a USD selloff ahead of the weekend. The US Dollar Index continues to have a difficult time finding demand on Monday and was last seen losing 0.1% at 90.12, allowing NZD/USD to stay in the positive territory.

There won't be any macroeconomic data releases from the US and the USD's market valuation is likely to impact NZD/USD's movements.

In the meantime, the S&P 500 Futures are flat on the day, suggesting that Wall Street's main indexes will open near last week's closing levels.

On Tuesday, Electronic Card Retails Sales data from New Zealand will be looked upon for fresh impetus.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.7294
Today Daily Change	0.0016
Today Daily Change %	0.22
Today daily open	0.7278

Trends
Daily SMA20	0.7183
Daily SMA50	0.714
Daily SMA100	0.7166
Daily SMA200	0.6956

Levels
Previous Daily High	0.7301
Previous Daily Low	0.7204
Previous Weekly High	0.7301
Previous Weekly Low	0.7115
Previous Monthly High	0.7287
Previous Monthly Low	0.6945
Daily Fibonacci 38.2%	0.7264
Daily Fibonacci 61.8%	0.7241
Daily Pivot Point S1	0.7221
Daily Pivot Point S2	0.7164
Daily Pivot Point S3	0.7124
Daily Pivot Point R1	0.7318
Daily Pivot Point R2	0.7358
Daily Pivot Point R3	0.7415

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 remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.