• Commodity currencies rise further versus the US dollar on the back of risk appetite. 
  • Powell and Mnuchin do not surprise markets, DXY trims losses but still faces pressure. 
  • NZD/USD rebounds from monthly lows, set to test May top. 

The NZD/USD pair is rising on Tuesday for the second time in a row, supported by an improvement in risk appetite. The pair bottomed on Friday at 0.5920, the lowest level in three weeks, and recently hit at 0.6103, the highest in a week. It remains near the peak, still unable to make a run above 0.6100. 

The technical tone for NZD/USD changed significantly and now indicators favor further gains, particularly if it holds above 0.6100. The next resistance might be seen at 0.6125, followed by 0.6155/60. The pair rose back above the 20-day moving average, currently at 0.6040 that now should act as a support. 

Equity prices in Wall Street are posting mixed results, holding onto Monday’s gains. Hopes on a vaccine for the coronavirus, the reopening of many economies, and the European recovery fund helped market sentiment. Federal Reserve Chair Powell and US Treasury Secretary Mnuchin are testifying at a Senate committee.

The US dollar remains in negative territory but off lows. The DXY is falling 0.15% at 99.55 after reaching a one-week low at 99.22. The rebound was boosted by a rally in USD/JPY. The yen is among the worst performers amid rising US yields and higher equity prices. 

Technical levels

NZD/USD

Overview
Today last price 0.6098
Today Daily Change 0.0059
Today Daily Change % 0.98
Today daily open 0.6039
 
Trends
Daily SMA20 0.6041
Daily SMA50 0.6
Daily SMA100 0.6244
Daily SMA200 0.6328
 
Levels
Previous Daily High 0.6044
Previous Daily Low 0.5927
Previous Weekly High 0.6157
Previous Weekly Low 0.5921
Previous Monthly High 0.6176
Previous Monthly Low 0.5843
Daily Fibonacci 38.2% 0.5999
Daily Fibonacci 61.8% 0.5971
Daily Pivot Point S1 0.5963
Daily Pivot Point S2 0.5886
Daily Pivot Point S3 0.5846
Daily Pivot Point R1 0.6079
Daily Pivot Point R2 0.612
Daily Pivot Point R3 0.6196

 

 

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