NZD/USD hesitates at 0.7150 area on a calm session

The kiwi treads water between 0.7130 and 0.7180.
FX markets remain directionless ahead of key releases this week.
NZD/USD expected to keep appreciating on the b ack of higher global inflation – ANZ.

Guillermo Alcala FXStreet

The New Zealand dollar is ticking up against the USD on Monday, supported by a modest appetite for risk. The pair has bounced up from 0.7130 lows, although it remains limited below 0.7180.

Sideways trading ahead of key events this week

The kiwi has been trading within recent ranges, slightly higher on the day despite the US dollar’s firmer tone. The US Dollar Index, which measures the value of the dollar against a basket of the most traded currencies has appreciated about 0.2%.

The major currency crosses, however, remain practically flat on the day, with the investors reluctant to place significant bets ahead of key releases later this week. The monetary policy decisions by the European Central Bank, the Bank of Japan and the Bank of Canada, and the preliminary Q3 US Gross Domestic Product are expected to set the direction of currency markets.

NZD/USD: Expected to appreciate amid rising global inflation – ANZ

From a wider perspective, FX analysts at ANZ Bank expect the pair to keep appreciating, supported by the rising inflation: “This correction has really been an AUD and NZD one as markets fade the spectacular rallies seen on crosses like NZD/EUR and NZD/JPY. At this stage it looks more like a rebalancing rather than the start of a fresh downtrend (…) We still think the NZD will benefit from higher interest rates, affirming both carry and confidence in the RBNZ’s inflation credentials.”

Technical levels to watch

NZD/USD

Overview
Today last price	0.7164
Today Daily Change	0.0006
Today Daily Change %	0.08
Today daily open	0.7158

Trends
Daily SMA20	0.7005
Daily SMA50	0.7018
Daily SMA100	0.7021
Daily SMA200	0.7101

Levels
Previous Daily High	0.719
Previous Daily Low	0.7131
Previous Weekly High	0.7219
Previous Weekly Low	0.7049
Previous Monthly High	0.7171
Previous Monthly Low	0.6859
Daily Fibonacci 38.2%	0.7167
Daily Fibonacci 61.8%	0.7154
Daily Pivot Point S1	0.7129
Daily Pivot Point S2	0.7101
Daily Pivot Point S3	0.707
Daily Pivot Point R1	0.7188
Daily Pivot Point R2	0.7219
Daily Pivot Point R3	0.7247

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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