NZD/USD jumps to 0.6460 highs with the US dollar on retreat


  • NZD/USD jumps to 0.6460 highs with the US dollar retreating across the board.
  • The improved market sentiment and end-of-quarter flows have pushed the USD.
  • The kiwi remains vulnerable while below 0.6480 – UOB

The New Zealand dollar has accelerated its rebound from one-week lows at 0.6385 to hit session highs at 0.6460 on the North American afternoon session. The dollar is losing ground across the board amid a moderate improvement on the market mood and portfolio rebalancing moves at the end of the quarter.

 

Kiwi gains on US dollar’s weakness

The NZD/USD has turned positive after a weak day-opening. The moderate improvement on market sentiment, with US equities hitting day highs amid the strong quarterly performance of Wall Street, has weighed on the safe-haven US dollar, boosting demand for riskier currencies like the New Zealand dollar.

On the macroeconomic front, the greenback has failed to find support from the upbeat US consumer confidence, which has risen to 98.1 in June, beating expectations of a 91 reading, from the 85.9 posted in May. Quarter-end moves seem to be punishing the USD, as reflected in the Dollar Index, which has turned negative on daily charts after having opened the day on a solid footing.

 

NZD/USD: Important resistance at 0.6480 – UOB

Despite the current appreciation, the FX strategists at UOB remain negative on the pair, while below 0.6480, “There is not much to add to our latest narrative from last Thursday (25 Jun. spot at 0.6420). As highlighted, if NZD closes below 0.6380, it could weaken further to 0.6320. The prospect for such a move has ticked up but is still not high. Overall, only a break of 0.6480 (‘strong resistance’ level previously at 0.6510) would indicate the downside risk has dissipated.”

NZD/USD key levels to watch

NZD/USD

Overview
Today last price 0.6446
Today Daily Change 0.0025
Today Daily Change % 0.39
Today daily open 0.6421
 
Trends
Daily SMA20 0.6456
Daily SMA50 0.6231
Daily SMA100 0.6177
Daily SMA200 0.6326
 
Levels
Previous Daily High 0.6444
Previous Daily Low 0.6403
Previous Weekly High 0.6534
Previous Weekly Low 0.6383
Previous Monthly High 0.6241
Previous Monthly Low 0.5921
Daily Fibonacci 38.2% 0.6428
Daily Fibonacci 61.8% 0.6418
Daily Pivot Point S1 0.6401
Daily Pivot Point S2 0.6381
Daily Pivot Point S3 0.636
Daily Pivot Point R1 0.6442
Daily Pivot Point R2 0.6464
Daily Pivot Point R3 0.6484

 

 

 

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