NZD/USD declines below 0.7150 following last week's rally

  • NZD/USD stages a correction after posting strong gains last week.
  • US Dollar Index stays in the positive territory above 92.20.
  • Trading action is likely to remain subdued due to Labor Day holiday in US.

The NZD/USD pair gained more than 150 pips last week but struggled to preserve its bullish momentum on Monday. As of writing, the pair was down 0.25% on the day at 0.7142.

DXY rebounds in quiet day

On Friday, the disappointing jobs report from the US, which showed that Nonfarm Payrolls rose by only 235K in August, triggered a USD selloff and allowed NZD/USD to climb to its strongest level since early June at 0.7171. However, the US Dollar Index (DXY) is staging a rebound at the start of the week, forcing NZD/USD to retrace its rally. Currently, the DXY is up 0.17% on the day at 92.27.

Nevertheless, the lack of high-tier macroeconomic data releases and fundamental developments suggests that the DXY's rebound is a technical correction. Furthermore, the trading action is expected to remain subdued in the remainder of the day with the US markets being closed due to the Labor Day holiday.

NZD/USD: Waning Delta cases and higher yields to boost the kiwi – ANZ.

On Tuesday, the Reserve Bank of Australia (RBA) will announce its Interest Rate Decision and release the Rate Statement. A sharp reaction in the positively-correlated AUD/USD pair could impact NZD/USD's movements during the Asian trading hours.

Technical levels to watch for


Today last price 0.7143
Today Daily Change -0.0008
Today Daily Change % -0.11
Today daily open 0.7151
Daily SMA20 0.6988
Daily SMA50 0.6989
Daily SMA100 0.7085
Daily SMA200 0.7115
Previous Daily High 0.7171
Previous Daily Low 0.7104
Previous Weekly High 0.7171
Previous Weekly Low 0.6987
Previous Monthly High 0.7089
Previous Monthly Low 0.6805
Daily Fibonacci 38.2% 0.7145
Daily Fibonacci 61.8% 0.7129
Daily Pivot Point S1 0.7113
Daily Pivot Point S2 0.7074
Daily Pivot Point S3 0.7045
Daily Pivot Point R1 0.718
Daily Pivot Point R2 0.7209
Daily Pivot Point R3 0.7248



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Bulls step in at month-end, eyeing the upside

EUR/USD is set to close off a bearish week towards a test of 1.11 the figure after breaking out of the bearish weekly wedge to the downside. Bulls have an eye on the weekly M-formation and prospects of a significant correction. 


GBP/USD slumps toward 1.3350, renews five-week lows

GBP/USD stays under constant bearish pressure on Thursday and trades at its lowest level since late December below 1.3370. Following the upbeat growth data from the US, the US Dollar Index is rising more than 0.7% on the day above 97.00. 


Gold poised to challenge January’s low at 1,782.60

Gold is sharply down for a second consecutive day, trading around $1,793.00. XAU/USD shed roughly $50 following a hawkish Fed monetary policy announcement, as the US central bank hinted at a rate hike in March when it is also set to end its pandemic-related financial support.

Gold News

Bitcoin struggles against resistance as bulls keep their eye on $40,000

Bitcoin price action faced intense selling pressure after the Fed’s decision, with Bitcoin losing more than 5% from its Wednesday high. If the sell-off from the top wasn’t discouraging enough for bulls, then the daily close in the red certainly added insult to injury.

Read more

Apple (AAPL) Earnings for Q1 beats estimates on EPS and revenue

Apple (AAPL) reported earnings after the close on Thursday. Earnings per share (EPS) came in at $2.10 versus the estimate of $1.89. Revenue was $123.9 billion versus the estimate for $118.66 billion. AAPL is trading at $162.40 in Thursday's aftermarket, a change of 2% versus the regular session close of $159.16.

Read more