NZD/USD fails to hold above 0.7300, eyes on US data


  • NZD/USD lost its traction after rising above 0.7300.
  • US Dollar Index stays below 91.00 ahead of US data.
  • Rising US T-bond yields help USD stay resilient.

The NZD/USD pair closed the first two days of the week in the positive territory and edged higher to a daily top of 0.7305 on Wednesday. However, the pair seems to be having a tough time preserving its bullish momentum and was last seen trading flat on the day at 0.7286.

Focus shifts to US data

Earlier in the day, the data from China showed that the Caixin Services PMI in February declined to 51.5 from 52 in January but this report was largely ignored by the market participants.

Meanwhile, the upbeat market mood is helping the risk-sensitive NZD find demand on Wednesday. Reflecting the risk-on market environment, major European equity indexes rise around 1% and the S&P 500 Futures are up 0.55%. 

On the other hand, a 4% increase seen in the benchmark 10-year US Treasury bond yield is providing a boost to the USD and limiting NZD/USD's upside. At the moment, the US Dollar Index is a little changed on the day at 90.79.

Later in the session, the ADP Employment Change and the ISM Services PMI data from the US will be watched closely by the market participants. Additionally, the Federal Reserve will release its Beige Book at 1900 GMT. 

Technical levels to watch for

NZD/USD

Overview
Today last price 0.7285
Today Daily Change -0.0015
Today Daily Change % -0.21
Today daily open 0.73
 
Trends
Daily SMA20 0.7256
Daily SMA50 0.72
Daily SMA100 0.7039
Daily SMA200 0.6804
 
Levels
Previous Daily High 0.7308
Previous Daily Low 0.7209
Previous Weekly High 0.7466
Previous Weekly Low 0.7223
Previous Monthly High 0.7466
Previous Monthly Low 0.7135
Daily Fibonacci 38.2% 0.727
Daily Fibonacci 61.8% 0.7247
Daily Pivot Point S1 0.7237
Daily Pivot Point S2 0.7174
Daily Pivot Point S3 0.7138
Daily Pivot Point R1 0.7336
Daily Pivot Point R2 0.7371
Daily Pivot Point R3 0.7434

 

 

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

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD rises toward after US retail sales miss estimates

EUR/USD is holding onto its gains above 1.21 after the US reported no change in April's retail sales, below 1% expected. The Control Group plunged by 1.5%. The dollar is falling across the pond. US Consumer Sentiment missed with 82.8, yet inflation expectations surged to 4.6%.

EUR/USD News

GBP/USD trades below 1.41 after US consumption data

GBP/USD is trading above 1.4050, benefitting from the better market mood. Sterling is shrugging off worries about the spread of new virus variants, which may delay the reopening. US retail sales missed estimates, causing jitters. 

GBP/USD News

EUR/USD Weekly Forecast: Fed may fuel the next leg of rally, bulls eye 1.2240

EUR/USD has been extending its gains amid dovish Fed policy and the eurozone's vaccination drive.   Eurozone PMIs and Fed meeting minutes are set to move the currency pair. Mid-May's daily chart is pointing to further gains.The FX Poll is showing mild downside pressure. 

Read full analysis

Dogecoin bulls hold the key for 40% gains

Dogecoin price is at a pivotal point, resulting in a 40% upswing or 30% sell-off. A swift surge beyond $0.522 and a retest of this level confirms a bullish outlook. If DOGE slices through the $0.351, it will put an end to the optimistic narrative.

Read more

AMC Entertainment Holdings surges on triangle breakout, targets $14.54 and $20

AMC has done it again and in the process is stealing the GameStop crown. Supposedly a movie about the whole GameStop saga is in the works, but if AMC has its way it will be stealing the show. Coming to an AMC theatre near you: "AMC to the moon". AMC closed Thursday at $12.77 for a nice gain of 23.7%, thank you very much.

Read more

Forex MAJORS

Cryptocurrencies

Signatures