NZD/USD finds support near mid-0.6500s in choppy day

NZD/USD is fluctuating in a narrow channel on Monday.
US Dollar Index stays in the negative territory.
Trading action is likely to remain subdued in the remainder of the day.

Eren Sengezer FXStreet

The NZD/USD pair gained around 50 pips last week and opened in a calm manner on Monday. After edging lower toward mid-0.6500s in the late Asian session, the pair recovered the majority of its losses and was last seen losing 0.18% on the day at 0.6567.

USD remains on the back foot at the start of the week

Earlier in the day, the only data from New Zealand showed that the Food Price Index rose by 0.5% on a monthly basis in June. On Tuesday, the ANZ's Monthly Inflation Gauge will be featured in the economic docket. Other data of interest for the kiwi will include Trade Balance from China.

On the other hand, the upbeat market mood, as reflected by decisive gains witnessed in major European equity indexes, is making it tough for the greenback to find demand. The US Dollar Index, which failed to break above 97 last week, was last down 0.13% on the day at 96.53, helping the pair erase its losses.

There won't be any significant macroeconomic data releases from the US on Monday. New York Fed President John Williams' speech at 15:30 GMT will be looked upon for fresh impetus.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.6566
Today Daily Change	0.0004
Today Daily Change %	0.06
Today daily open	0.6562

Trends
Daily SMA20	0.6483
Daily SMA50	0.632
Daily SMA100	0.6189
Daily SMA200	0.6337

Levels
Previous Daily High	0.659
Previous Daily Low	0.6546
Previous Weekly High	0.6601
Previous Weekly Low	0.6519
Previous Monthly High	0.6585
Previous Monthly Low	0.6186
Daily Fibonacci 38.2%	0.6563
Daily Fibonacci 61.8%	0.6573
Daily Pivot Point S1	0.6542
Daily Pivot Point S2	0.6522
Daily Pivot Point S3	0.6498
Daily Pivot Point R1	0.6585
Daily Pivot Point R2	0.6609
Daily Pivot Point R3	0.6629

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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