NZD/USD continues to push lower toward 0.7100 as DXY renews multi-month highs


  • NZD/USD remains under strong bearish pressure on Monday.
  • US Dollar Index extends rally at the start of the week.
  • 10-year US Treasury bond yield continues to edge higher.

The NZD/USD pair posted weekly losses for the second straight time last week and extended its slide on Monday with the greenback preserving its strength. As of writing, the pair was down 0.72% on a daily basis at 0.7107.

Broad USD strength remains main market theme

Rising US Treasury bond yields continue to provide a boost to the USD at the start of the week. The benchmark 10-year US T-bond yield is up more than 2% on the day and the US Dollar Index (DXY) is trading at its highest level since November at 92.32, up 0.38%.

Earlier in the day, the data from China showed that the trade surplus in February came in higher than expected with exports rising by 60.6% on a yearly basis. However, this upbeat report failed to help the NZD find demand.

There won't be any significant macroeconomic data releases from the US in the remainder of the day and the USD's market valuation is likely to continue to dominate NZD/USD's movements. In the early trading hours of the Asian session on Tuesday, fourth-quarter Manufacturing Sales from New Zealand will be looked upon for fresh impetus. 

Meanwhile, the S&P 500 Futures are down 0.4% on Monday, suggesting that NZD/USD could struggle to stage a rebound in the second half of the day if safe-haven flows dominate the financial markets.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.7117
Today Daily Change -0.0053
Today Daily Change % -0.74
Today daily open 0.717
 
Trends
Daily SMA20 0.7258
Daily SMA50 0.7205
Daily SMA100 0.7056
Daily SMA200 0.6819
 
Levels
Previous Daily High 0.7198
Previous Daily Low 0.7099
Previous Weekly High 0.7308
Previous Weekly Low 0.7099
Previous Monthly High 0.7466
Previous Monthly Low 0.7135
Daily Fibonacci 38.2% 0.7137
Daily Fibonacci 61.8% 0.716
Daily Pivot Point S1 0.7113
Daily Pivot Point S2 0.7057
Daily Pivot Point S3 0.7014
Daily Pivot Point R1 0.7212
Daily Pivot Point R2 0.7254
Daily Pivot Point R3 0.7311

 

 

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