NZD/USD extends sideways grind above 0.7000

NZD/USD struggles to find direction at the start of the week.
US Dollar Index stays flat above 92.00 in quiet day.
Financial markets in US will remain closed due to Independence Day holiday.

Eren Sengezer FXStreet

Despite a decisive rebound on Friday, the NZD/USD pair closed the previous week in the negative territory and seems to be having a difficult time extending its recovery on Monday. As of writing, the pair was down 0.1% on a daily basis at 0.7020.

DXY holds comfortably above 92.00

In the absence of high-tier data releases and fundamental drivers, the USD's valuation continues to affect NZD/USD's movements. The mixed June jobs report from the US on Friday triggered a USD selloff and the US Dollar Index (DXY) lost 0.3%. On Monday, the DXY is moving sideways above 92.20, not allowing NZD/USD to turn north.

Financial markets in the US will be closed due to the Independence Day holiday and the market action is likely to remain subdued.

On the other hand, the NZIER Business Confidence Index data for the second quarter will be released from New Zealand on Tuesday. Earlier in the day, the ANZ Commodity Price Index arrived at 0.8% in June, compared to analysts' estimate of 1.2%, but this reading was largely ignored by market participants.

Meanwhile, the Reserve Bank of Australia (RBA) will announce its policy decisions and a significant reaction in the positively-correlated AUD/USD pair could impact NZD/USD's action.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.702
Today Daily Change	-0.0010
Today Daily Change %	-0.14
Today daily open	0.703

Trends
Daily SMA20	0.707
Daily SMA50	0.7162
Daily SMA100	0.7158
Daily SMA200	0.7058

Levels
Previous Daily High	0.7039
Previous Daily Low	0.6947
Previous Weekly High	0.7087
Previous Weekly Low	0.6947
Previous Monthly High	0.7289
Previous Monthly Low	0.6923
Daily Fibonacci 38.2%	0.7004
Daily Fibonacci 61.8%	0.6982
Daily Pivot Point S1	0.6972
Daily Pivot Point S2	0.6914
Daily Pivot Point S3	0.688
Daily Pivot Point R1	0.7063
Daily Pivot Point R2	0.7097
Daily Pivot Point R3	0.7155

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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