- NZD/USD posts modest gains during the European session.
- US Dollar Index stays relatively quiet above 90.00 on Monday.
- Trading action is expected to remain subdued due to Memorial Day holiday in US.
The NZD/USD pair lost nearly 50 pips on Friday but managed to close the previous week in the positive territory supported by the Reserve Bank of New Zealand's hawkish policy outlook. At the start of the new week, the pair is edging modestly higher and was last seen gaining 0.2% at 0.7260.
DXY goes into consolidation above 90.00
Earlier in the day, the data from China showed that the economic activity in the service sector expanded at a stronger pace than expected in May with the official Non-Manufacturing PMI improving to 55.2 from 54.9 in April. Additionally, the NBS Manufacturing PMI arrived largely in line with analysts' estimate at 51.
The US stock and bond markets will be closed due to the Memorial Day holiday on Monday and the trading action is likely to remain subdued in the second half of the day. Meanwhile, the US Dollar Index (DXY) is fluctuating in a tight range above 90.00, where it closed on Friday.
There won't be any high-tier data releases from New Zealand on Tuesday and investors will pay close attention to the ISM Manufacturing PMI data from the US.
Technical levels to watch for
|Today last price||0.7259|
|Today Daily Change||-0.0003|
|Today Daily Change %||-0.04|
|Today daily open||0.7262|
|Previous Daily High||0.7298|
|Previous Daily Low||0.7212|
|Previous Weekly High||0.7317|
|Previous Weekly Low||0.7158|
|Previous Monthly High||0.7287|
|Previous Monthly Low||0.6945|
|Daily Fibonacci 38.2%||0.7245|
|Daily Fibonacci 61.8%||0.7265|
|Daily Pivot Point S1||0.7217|
|Daily Pivot Point S2||0.7172|
|Daily Pivot Point S3||0.7131|
|Daily Pivot Point R1||0.7302|
|Daily Pivot Point R2||0.7343|
|Daily Pivot Point R3||0.7388|
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.