NZD/USD hits five days high near 0.6970 as USD falls

NZD/USD snaps two days’ losses on Thursday in the early Asian session.
US Dollar Index falls below the one-year high near 94.50 to trade negatively.
Kiwi gains amid mixed play of COVID-19, risk-on sentiment, and inflationary pressures.

Rekha Chauhan Independent Analyst

NZD/USD prints daily gain on Thursday in the Asian session. The selling pressure in the US dollar pushes NZD/USD higher. After testing the lows near 0.6911, the pair jumbled nearly 60-pips in the US session to give the highest closing in the past five-session. At the time of writing, NZD/USD is trading at 0.6960, up 0.10% for the day,

The US Dollar Index (DXY), which measures the greenback performance against its six major rivals, trades at 94.00, down 0.54% as investors digest the recent inflation readings and FOMC minutes. The US Core Price Index (CPI) jumped 5.4% in September from 5.3% in August whereas the FOMC minutes showed that the Fed is close to starting tapering, possibly in mid-November.

Furthermore, the risk-on sentiment helped the kiwi to gain momentum. It is worth noting that, S&P 500 Futures is trading at 4,358, up 0.08%. The disappointing economic data restricted the gains for the NZD. The ANZ Business Outlook Index in New Zealand fell -8.6 in October.

On the pandemic side, new 55 cases are recorded and Northland and Waikato will remain in alert level 3 for another five days.

As for now, all eyes are on the US Initial Jobless Claims to take fresh trading impetus.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.697
Today Daily Change	0.0034
Today Daily Change %	0.49
Today daily open	0.6936

Trends
Daily SMA20	0.6982
Daily SMA50	0.7005
Daily SMA100	0.7032
Daily SMA200	0.7106

Levels
Previous Daily High	0.6971
Previous Daily Low	0.6923
Previous Weekly High	0.6984
Previous Weekly Low	0.6876
Previous Monthly High	0.7171
Previous Monthly Low	0.6859
Daily Fibonacci 38.2%	0.6941
Daily Fibonacci 61.8%	0.6953
Daily Pivot Point S1	0.6915
Daily Pivot Point S2	0.6895
Daily Pivot Point S3	0.6867
Daily Pivot Point R1	0.6963
Daily Pivot Point R2	0.6991
Daily Pivot Point R3	0.7011

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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