NZD/USD finds support near 0.6450, stages modest recovery


  • Consumer confidence deteriorates in New Zealand in January.
  • US Dollar Index struggles to recover, stays below 98.
  • US PCE Price Index, Personal Spending and Personal Income data coming up next.

The NZD/USD pair closed the fifth straight trading day in the negative territory on Thursday and extended its slide on Friday to touch its lowest level since early December at 0.6454. Although the pair staged a technical recovery ahead of the American session, it's still down 0.26% on the day at 0.6470.

Coronavirus fears weigh on antipodeans

China is having a difficult time containing the coronavirus outbreak and markets are concerned about the economic recovery, which has been gathering momentum in the last couple of months, losing strength. According to China's envoy to the UN, Zhang Jun, the death toll currently stands at 213 and the total number of confirmed coronavirus cases in 9.809 as of early Friday.

China-proxy antipodeans, the AUD and the NZD, have been staying under selling pressure since the start of the week and those currencies are unlikely to stage a decisive rebound unless investors are convinced that the spread of the coronavirus is contained.

The US economic docket on Friday will feature the Personal Consumption Expenditures (PCE) Price Index, Personal Income and Personal Spending data for December. Ahead of these releases, the US Dollar Index is down 0.12% on the day at 97.75.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6467
Today Daily Change -0.0026
Today Daily Change % -0.40
Today daily open 0.6493
 
Trends
Daily SMA20 0.6605
Daily SMA50 0.6586
Daily SMA100 0.6465
Daily SMA200 0.651
 
Levels
Previous Daily High 0.6532
Previous Daily Low 0.648
Previous Weekly High 0.663
Previous Weekly Low 0.658
Previous Monthly High 0.6756
Previous Monthly Low 0.6424
Daily Fibonacci 38.2% 0.65
Daily Fibonacci 61.8% 0.6512
Daily Pivot Point S1 0.6471
Daily Pivot Point S2 0.645
Daily Pivot Point S3 0.6419
Daily Pivot Point R1 0.6523
Daily Pivot Point R2 0.6554
Daily Pivot Point R3 0.6575

 

 

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.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD slides under 1.16 as US Retail Sales smash estimates

EUR/USD is trading under 1.16 after US Retail Sales smashed estimates with 0.7% in September. Treasury yields are rising. The risk-on mood continues to underpin the pair, as the ECB policymaker Wunsch dismisses inflation concerns. 

EUR/USD News

GBP/USD retreats below 1.3750 after US data

GBP/USD has pared some of its gains after US Retail Sales beat estimates, with the core group hitting 0.8% last month. Earlier, investors shrugged off dovish comments from two BOE members. 

GBP/USD News

XAU/USD slumps to $1,770 area on upbeat US data, surging US bond yields

Gold started the last day of the week on the back foot and extended its slide to a fresh daily low of $1,770 in the early trading hours of the American session pressured by the dollar's resilience and surging US Treasury bond yields.

Gold News

Crypto bulls on winning streak pushing for more

Bitcoin price favors bulls reaching $60,000 by the end of this week and onwards to new all-time highs by the end of next week. Ethereum price broke a bearish top line and could hit new all-time highs by next week in tandem with Bitcoin. 

Read more

Why is Tesla going up?

Tesla's (TSLA) stock price has finally pushed higher in a series of steady and sure moves. We had nearly given up on our bullish call with Tesla stock as it kept struggling around the $800 level.

Read more

Forex MAJORS

Cryptocurrencies

Signatures