NZD/USD continues to recover Monday's losses, trades around 0.6430

  • Renewed US-China trade optimism helps antipodeans find demand.
  • AUD gathers strength after RBA maintains status quo.
  • Economic activity in China's services sector expanded at a softer pace than expected. 

The NZD/USD pair erased 30 pips on Monday but gained traction during the Asian trading hours on Tuesday and started to recover its losses. As of writing, the pair was trading at 0.6428, adding 0.42% on a daily basis.

The ANZ Commodity Price Index came in at +1.2% in October in New Zealand to beat the market expectation of 0.2% and provided a boost to the NZD on Tuesday. Additionally, the Reserve Bank of Australia (RBA) announced that it kept its policy rate unchanged at 0.75% and refrained from hinting at a rate cut in December and allowed the AUD/USD pair to push higher, supporting the positively-correlated NZD/USD pair as well.

Meanwhile, comments from officials from both sides at the start of the week suggested that the United States and China are moving closer to completing the phase-one of the trade deal and helped antipodeans outperform their major rivals.

USD stays quiet ahead of mid-tier data

In the second half of the day, the IBD/TIPP Economic Optimism Index, the ISM Non-Manufacturing Purchasing Managers' Index (PMI) from the US will be featured in the economic calendar. Ahead of these data releases, the US Dollar Index is consolidating Monday's gains near mid-97s. Furthermore, the bi-weekly Global Dairy Trade (GDT) auction in New Zealand will be looked upon for fresh impetus.

Technical levels to watch for


Today last price 0.6426
Today Daily Change 0.0031
Today Daily Change % 0.48
Today daily open 0.6395
Daily SMA20 0.6358
Daily SMA50 0.6341
Daily SMA100 0.6464
Daily SMA200 0.6591
Previous Daily High 0.6466
Previous Daily Low 0.6389
Previous Weekly High 0.6458
Previous Weekly Low 0.6333
Previous Monthly High 0.6437
Previous Monthly Low 0.6204
Daily Fibonacci 38.2% 0.6418
Daily Fibonacci 61.8% 0.6437
Daily Pivot Point S1 0.6367
Daily Pivot Point S2 0.634
Daily Pivot Point S3 0.629
Daily Pivot Point R1 0.6444
Daily Pivot Point R2 0.6494
Daily Pivot Point R3 0.6521



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