NZD/USD drops below 0.6100 ahead of US PMI data

Trading action turns subdued during the European session.
US Dollar Index drops below 99 on Friday.
Coming up: Markit and ISM Manufacturing PMI data from US.

Eren Sengezer FXStreet

After rising toward the 0.6200 handle on Thursday, the NZD/USD pair erased its daily gains to close flat at 0.6126. The pair continued to edge lower during the Asian trading hours on Friday and was last seen trading at 0.6080, down 0.72% on the day. The lack of significant macroeconomic data releases caused the kiwi to react to the market sentiment, which turned negative during the first half of the day.

With major European economies staying closed due to the Labour Day holiday, the pair is trading in a very tight range ahead of the American session.

Eyes on US PMI data

In the second half of the day, the IHS Markit and the ISM will release the Manufacturing PMI data for April. Markets expect the ISM's PMI to drop to 36.9 in April from 49.1 in March. If the reading shows a contraction in the sector at a stronger pace than anticipated, the USD could find demand as a safe haven and look to end the week on a strong footing.

Ahead of these data releases, the US Dollar Index is posting small daily losses a little below the 99 handle. Construction Spending will be featured in the US economic docket as well but is unlikely to receive a market reaction.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.6082
Today Daily Change	-0.0045
Today Daily Change %	-0.73
Today daily open	0.6127

Trends
Daily SMA20	0.6022
Daily SMA50	0.6063
Daily SMA100	0.6314
Daily SMA200	0.6357

Levels
Previous Daily High	0.6176
Previous Daily Low	0.6107
Previous Weekly High	0.6092
Previous Weekly Low	0.5911
Previous Monthly High	0.6176
Previous Monthly Low	0.5843
Daily Fibonacci 38.2%	0.6133
Daily Fibonacci 61.8%	0.615
Daily Pivot Point S1	0.6097
Daily Pivot Point S2	0.6068
Daily Pivot Point S3	0.6028
Daily Pivot Point R1	0.6166
Daily Pivot Point R2	0.6206
Daily Pivot Point R3	0.6235

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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