NZD/USD ignores downbeat NZ data, sluggish markets on the way to 0.7200

  • NZD/USD edges higher following the previous day’s recovery from one-week low.
  • NZ Business PSI drops to 58.4 in April.
  • Geopolitics, covid updates troubles traders ahead of the key US Retail Sales.

NZD/USD eases from intraday top to 0.7183 following sentiment data from New Zealand amid the initial Asian session on Friday. Even so, the quote remains mildly bid daily while jostling with mixed catalysts.

New Zealand’s Business NZ PMI eased from 63.6 prior to 58.4 in April. Although being a second-tier data, the latest economics probe doubts over the Reserve Bank of New Zealand’s (RBNZ) rate hike chatters, recently backed by the ANZ report stating 70% odds favoring such a move by next May.

Elsewhere, Israel-Palestine tussles in Gaza escalates and the US Representative for the United Nations (UN) pushes for a meet on Sunday to tame the woes. Alternatively, the US Centers for Disease Control and Prevention (CDC) push for no mask-mandate for fully vaccinated people.

It’s worth mentioning that the US Jobless Claims’ slump to a 14-month low renewed market optimism the previous day, despite strong Producer Price Index (PPI) challenged the bulls.

Amid these plays, all three Wall Street benchmarks closed positive the first time in a week while the US 10-year Treasury yields eased 4.4 basis points (bps) to 1.64% by the end of Thursday’s US session. However, S&P 500 Futures stays pressured following that amid fresh hurdles for the risk-on mood.

Moving on, cautious sentiment is likely to weigh on the market’s mood as traders await the US Retail Sales for April, as well as the preliminary readings of the Michigan Consumer Sentiment Index for May. Given the Fed’s strong defense to easy money policy, not to forget the push for more signals to confirm reflation risk, each incoming American figure will be crucial for the market direction.

Technical analysis

50-day SMA and an ascending trend line from early April, respectively around 0.7135 and 0.7170, defend NZD/USD bulls. However, a 21-day SMA near 0.7205 guards the pair’s immediate upside.

Additioanl important levels

Today last price 0.7183
Today Daily Change 24 pips
Today Daily Change % 0.34%
Today daily open 0.7159
Daily SMA20 0.7207
Daily SMA50 0.7138
Daily SMA100 0.717
Daily SMA200 0.6965
Previous Daily High 0.7284
Previous Daily Low 0.7151
Previous Weekly High 0.7301
Previous Weekly Low 0.7115
Previous Monthly High 0.7287
Previous Monthly Low 0.6945
Daily Fibonacci 38.2% 0.7202
Daily Fibonacci 61.8% 0.7233
Daily Pivot Point S1 0.7112
Daily Pivot Point S2 0.7065
Daily Pivot Point S3 0.698
Daily Pivot Point R1 0.7245
Daily Pivot Point R2 0.733
Daily Pivot Point R3 0.7377



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD holds above 1.21 as tensions mount ahead of the Fed

EUR/USD is trading above 1.21, in limited, typical, pre-Federal Reserve trading. Markets await the bank's dot plot and Chair Powell's comments on potential tapering of the Fed's bond-buying scheme. 


GBP/USD hovers around 1.41 after strong UK CPI

GBP/USD is trading around 1.41, rising after the UK reported an annual inflation rate of 2.1% in May, beating estimates and raising the chances of a BOE rate hike. The focus remains on the Federal Reserve's decision later in the day.


XAU/USD remains confined in a range near $1,860 level, FOMC awaited

Gold lacked any firm directional bias and remained confined in a narrow trading band through the first half of the European session on Wednesday.

Gold News

Shiba Inu ready to reverse to $0.0000050

SHIB price faces stiff resistance ahead. Shiba Inu has had a difficult time recovering, suggesting that it may soon face rejection. In the following video, FXStreet's analysts evaluate where SHIB price could be heading next as Shiba Inu gets weaker.

Read more

Federal Reserve Preview: First up, then down? Playbook for trading the Fed

To taper or not to taper? That is the question for markets ahead of the Federal Reserve's all-important June meeting. Fed Chair Powell will likely shoot down any talk of tapering the bank's bond buys. Highly volatile trading could see the greenback first drop.

Read more