NZD/USD flirting with weekly lows, around mid-0.6300s


  • Softer risk sentiment weighed on riskier currencies – like the Kiwi.
  • A modest pickup in the USD demand adds to the intraday selling bias.

Having touched a daily high near the 0.6385 region, the NZD/USD pair met with some fresh supply and is currently placed near the lower end of its weekly trading range.
 
The pair extended this week's pullback from near three-month tops – levels beyond mid-0.6400s – and witnessed some follow-through selling on Friday, marking its fourth day of a negative move in the previous five.

Trade headlines driving the sentiment

Against the backdrop of Thursday's conflicting trade-related headlines, a slightly softer tone around the global equity markets was seen as one of the key factors weighing on perceived riskier currencies – like the Kiwi.
 
It is worth recalling that officials on Thursday said that both China and the United States have agreed to roll back tariffs in a "phase one" trade deal, though some reports suggest that a preliminary trade pact is far from a done deal.
 
This coupled with a modest pickup in the US Dollar demand since the early European session further collaborated to the pair's slide back closer to the overnight swing lows, around the 0.6340-35 strong horizontal support.
 
It will now be interesting to see if the pair is able to attract some fresh dip-buying interest or the ongoing slide marks the end of the recent corrective bounce/resumption of the prior well-established bearish trend.
 
Moving ahead, Friday's US economic docket – highlighting the release of the preliminary Michigan Consumer Sentiment Index for November – will now be looked upon to grab some short-term trading opportunities.

Technical levels to watch

NZD/USD

Overview
Today last price 0.6348
Today Daily Change -0.0019
Today Daily Change % -0.30
Today daily open 0.6367
 
Trends
Daily SMA20 0.6368
Daily SMA50 0.6343
Daily SMA100 0.6458
Daily SMA200 0.6584
 
Levels
Previous Daily High 0.6387
Previous Daily Low 0.6341
Previous Weekly High 0.6458
Previous Weekly Low 0.6333
Previous Monthly High 0.6437
Previous Monthly Low 0.6204
Daily Fibonacci 38.2% 0.637
Daily Fibonacci 61.8% 0.6359
Daily Pivot Point S1 0.6343
Daily Pivot Point S2 0.632
Daily Pivot Point S3 0.6298
Daily Pivot Point R1 0.6389
Daily Pivot Point R2 0.6411
Daily Pivot Point R3 0.6434

 

 

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