NZD/USD continues to consolidate in tight range below 0.6450


  • US Dollar Index climbs above 98 in second half of day.
  • Mixed headlines on US-China trade conflict helps NZD stay resilient.
  • Coming up on Friday: Business NZ PMI from New Zealand.

The NZD/USD pair is having a difficult time determining its next short-term direction on Thursday and fluctuates in a tight 25-pip range. As of writing, the pair was up 0.12% on the day at 0.6442.

Persistent uncertainty on US-China trade talks

During the Asian trading hours, the sharp increase witnessed in the AUD/USD pair on the back of upbeat employment data from Australia helped the positively-correlated NZD/USD pair push higher. However, with the headlines surrounding the US-China trade conflict delivering mixed messages to the market, the pair turned indecisive in the second half of the day.

After China called the US decision to impose 10% additional tariffs on some Chinese imports as an action against the agreement that sides had reached in Osaka back in late June and said that they would take countermeasures, China's Commerce Ministry said that they were hopeful that the US could meet them halfway in trade negotiations. Additionally, China's ambassador to the UK said that he was optimistic about the future of US-China trade relations.

Later in the day, the upbeat retail sales data from the US and the heavy selling pressure surrounding the euro helped the Greenback find demand and not allowed the pair to turn north.

The US Census Bureau reported that retail sales in July rose by 0.7% on a monthly basis to beat the market expectation of 0.3%. At the moment, the US Dollar Index is at its highest level since August 2 at 98.17, adding 0.22% on a daily basis.

In the early trading hours of the Asian session, the Purchasing Managers Index (PMI) released by the Business NZ from will be looked upon for fresh impetus. Markets expect the PMI to improve slightly to 51.8 in July from 51.3 in June.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6443
Today Daily Change 0.0009
Today Daily Change % 0.14
Today daily open 0.6434
 
Trends
Daily SMA20 0.6585
Daily SMA50 0.6613
Daily SMA100 0.6627
Daily SMA200 0.672
Levels
Previous Daily High 0.647
Previous Daily Low 0.6421
Previous Weekly High 0.659
Previous Weekly Low 0.6378
Previous Monthly High 0.6792
Previous Monthly Low 0.6543
Daily Fibonacci 38.2% 0.644
Daily Fibonacci 61.8% 0.6451
Daily Pivot Point S1 0.6413
Daily Pivot Point S2 0.6393
Daily Pivot Point S3 0.6364
Daily Pivot Point R1 0.6462
Daily Pivot Point R2 0.6491
Daily Pivot Point R3 0.6511

 

 

 

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