NZD/USD edges higher following Friday's drop, trades above 0.7250


  • 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

NZD/USD

Overview
Today last price 0.7259
Today Daily Change -0.0003
Today Daily Change % -0.04
Today daily open 0.7262
 
Trends
Daily SMA20 0.7224
Daily SMA50 0.7147
Daily SMA100 0.7179
Daily SMA200 0.7004
 
Levels
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

 

 

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