NZD/USD drops below 0.5950 amid broad USD strength


  • US Dollar Index continues to climb higher toward 100.
  • Upbeat Chinese PMI data fail to help NZD find demand.
  • Coming up: CB Consumer Confidence and Chicago PMI data from US.

After failing to hold above the 0.6000 handle, the NZD/USD pair extended its slide and touched a fresh daily low of 0.5945. As of writing, the pair was trading a couple of pips above that level, erasing 1% on a daily basis.

V-shaped recovery in China?

The data from China on Tuesday revealed a sharp recovery in the private sector's business activity. The Manufacturing PMI in March jumped to 52.3 from 29.6 and the Non-Manufacturing PMI improved to 52.3 from 29.6 with both figures surpassing market expectations by wide margins. 

Despite the upbeat Chinese data, the pair struggled to gain traction as the broad-based USD strength allowed the bearish pressure to remain intact.

The US Dollar Index, which closed the first day of the week with a gain of 0.75%, continues to push higher and was last seen adding 0.7% on the day at 99.72.

During the American trading hours, the Chicago PMI and the Conference Board's Consumer Confidence Index from the US will be looked upon for fresh impetus.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.5953
Today Daily Change -0.0056
Today Daily Change % -0.93
Today daily open 0.6009
 
Trends
Daily SMA20 0.6042
Daily SMA50 0.6277
Daily SMA100 0.6418
Daily SMA200 0.6436
 
Levels
Previous Daily High 0.6064
Previous Daily Low 0.5983
Previous Weekly High 0.607
Previous Weekly Low 0.5589
Previous Monthly High 0.6504
Previous Monthly Low 0.6192
Daily Fibonacci 38.2% 0.6014
Daily Fibonacci 61.8% 0.6033
Daily Pivot Point S1 0.5973
Daily Pivot Point S2 0.5938
Daily Pivot Point S3 0.5893
Daily Pivot Point R1 0.6054
Daily Pivot Point R2 0.6099
Daily Pivot Point R3 0.6134

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD refreshes intraday low near 0.7750 ahead of Aussie Retail Sales, Trade Balance

AUD/USD extends the previous day’s losses from weekly top. RBA failed to entertain markets but Treasury yields stole the show. Risk-off heavies the quote ahead of final readings of key data.

AUD/USD News

GBP/USD: Drops towards 1.3900 on the way to two-week-old support line

GBP/USD teases intraday low of 1.3921, currently down 0.14% around 1.3932, during Thursday’s Asian session. In doing so, the cable stretches the pullback from a one-week-old resistance line as MACD recedes bullish bias.

GBP/USD News

Gold bears eye sub-$1,700 area amid strong yields, US dollar

Gold remains pressured near nine-month low, fades bounce off $1,702. Bond bears return amid optimism concerning US stimulus and vaccine power, comments from ECB add to the Treasury yield rally. American covid aid package, Fed’s Powell eyed amid a light calendar in Asia.

Gold News

Dogecoin price on the brink of a 40% explosion towards $0.07

Dogecoin price has been trading sideways for the past two days and inside a downtrend since its new all-time high of $0.087 on February 7. Now, the favorite canine-cryptocurrency is ready for a new leg up.

Read more

DXY continues to gain on Wednesday, eyes 91.60

US dollar firm and approaching Feb 4th highs from a significant technical support structure. US economy moderately gathering pace according to the Fed's Beige Book.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures