NZD/USD extends sideways grind below 0.6450 ahead of US retail sales data


  • Mixed market sentiment doesn't allow NZD to gather strength.
  • US Dollar Index stays above 99 handle on Friday.
  • Coming up: Retail Sales, Industrial Production data from US. 

After rising toward the 0.6500 handle on the back of the Reserve Bank of New Zealand's hawkish policy outlook on Wednesday, the NZD/USD pair lost its traction and registered small losses on Thursday. With the market action turning subdued ahead of key data releases from the US, the pair is moving sideways below near 0.6440.

The only data from New Zealand on Friday revealed that the Food Price Index in January rose 2.1% following Decembers decline of 0.2% but was largely ignored by the market participants. In the meantime, China’s National Health Commission (NHC) announced that the total number of coronavirus infections rose to 63,851 as of Friday morning to make it hard for the China-proxy NZD to find demand.

Eyes on US data

On the other hand, the US Dollar Index, which advanced to its highest level since early October at 99.16, seems to be consolidating its gains ahead of key data releases from the US and helping the pair limit its downside for the time being. As of writing, the index was down 0.04% on the day at 99.06.

Retail Sales, Industrial Production and the University of Michigan's Consumer Confidence Index will be featured in the US economic docket on Friday. Industrial Production is expected to decline by 0.2% in January and a better-than-expected reading could provide a boost to the greenback.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6435
Today Daily Change -0.0007
Today Daily Change % -0.11
Today daily open 0.6442
 
Trends
Daily SMA20 0.6508
Daily SMA50 0.6582
Daily SMA100 0.6478
Daily SMA200 0.6501
 
Levels
Previous Daily High 0.647
Previous Daily Low 0.6428
Previous Weekly High 0.6504
Previous Weekly Low 0.6397
Previous Monthly High 0.6741
Previous Monthly Low 0.6453
Daily Fibonacci 38.2% 0.6444
Daily Fibonacci 61.8% 0.6454
Daily Pivot Point S1 0.6423
Daily Pivot Point S2 0.6404
Daily Pivot Point S3 0.638
Daily Pivot Point R1 0.6465
Daily Pivot Point R2 0.6489
Daily Pivot Point R3 0.6508

 

 

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

EUR/USD challenges weekly lows after mixed Durable Goods Orders

US Durable Goods Orders were up a measly 0.4% in August, missing expectations of 1.0%, although Nondefense Capital Goods Orders ex Aircraft jumped 1.8%. Equities bounce from lows, but the dollar maintains its strength.

EUR/USD News

GBP/USD loses 1.2700 as the dollar keeps rallying

GBP/USD approaches its weekly low at 1.2674 as demand for the American currency extends into the final trading session of the week. Hopes for a UK trade deal with the EU doing little for Sterling.

GBP/USD News

Gold: Finally some rest bite as XAU/USD holds at $1865 per ounce

It has not been the best week for the gold bugs as the yellow metal has fallen 4.36% since Monday. At the end of the week, the price has started to consolidate at the USD 1865 per ounce area. 

Gold News

Breaking: ​​​​​​​The IRS makes it hard to pretend you don’t have Bitcoin

The cryptocurrency holders might have a hard time trying to hide their Bitcoins or other digital assets. IRS considers changing the standard 1040 form by including a bold question on the front page:  At any time during 2020, did you sell, receive, send, exchange, or otherwise acquire any financial interest in any virtual currency? 

Read more

WTI moves back to flat and once again trades above $40 per barrel

It has been a mixed Friday for WTI as the price is moving sideways heading into the weekend. All of the excitement was last week when the OPEC+ JMMC decided to keep output levels at their current rate until December.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures