NZD/USD holding tepid recovery gains to 0.7235

Haresh Menghani FXStreet

The NZD/USD pair held on to its tepid recovery gains but a broadly stronger greenback is hindering its efforts to move beyond mid-0.7200s.

Currently trading around 0.7235-40 band, the pair during Asian session on Monday was seen building on to Friday's sharp reversal of over 150-pips from a 15-month high level of 0.7380 and dropped to 5-day low before finding some support at lower level that assisted the pair to move back above 20-day SMA region.

Today's US economic releases, showing consumer prices inching closer to the Fed's 2% target, did little in terms of providing fresh impetus for the pair as traders now turn their attention to one of the most keenly watched US economic indicators, monthly jobs report (NFP) scheduled for release on Friday.

Friday's employment details for the month of August would help investors gauge the possibilities of a September Fed rate-hike decision and trigger a fresh leg of directional move for the greenback.

Technical levels to watch

From current levels 0.7250 remains immediate hurdle, which if cleared should boost the pair immediately towards 0.7280-85 horizontal resistance before aiming towards reclaiming 0.7300 handle. On the flip side, sustained weakness back below 20-day SMA near 0.7227, leading to a subsequent break below session low support near 0.7210, seems to drag the pair towards testing 50-day SMA support near 0.7170 region.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7386

60% Bullish
20% Bearish
20% Sideways

Bias Bullish

1 Month

Avg Forecast 0.7277

10% Bullish
50% Bearish
40% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.7058

8% Bullish
92% Bearish
0% Sideways

Bias Bearish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD faces some resistance near 100-SMA on H4, around 1.1830 zone

The EUR/USD pair gains some follow-through positive traction for the second consecutive day and climbs to the 1.1830 region during the Asian session on Thursday. The US Dollar remains on the back foot amid concerns about the economic fallout from US President Donald Trump's erratic trade policies and acts as a tailwind for spot prices.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold struggle with $5,200 extends ahead of more US-Iran talks

Gold is replicating the recovery moves seen in Wednesday’s Asian trading early Thursday, as buyers continue to flirt with the $5,200 level. Sustained US Dollar weakness and looming US-Iran talks aid the bright metal’s rebound.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.