NZD/USD: Looks to extend gains above 0.7220 amid softer USD

NZD/USD is moving higher in the Asian session.
Weakness in USD prompts constructive bids for the pair.
Risk-on sentiment lifts the demand for the Kiwi.

Rekha Chauhan Independent Analyst

Sellers remain in control of the sentiment around the US dollar and push NZD/USD higher in the vicinity of 0.7220 in the Asian session. The pair is poised to extend Wednesday’s gain on the improved risk appetite among investors.

At the time of writing, the NZD/USD pair is at 0.7214, up 0.01% on the day.

NZD/USD keeps the leg higher and northern for yet another session, and is on the course to retest April 30 highs of 0.7250. The selling tone surrounding the greenback appears quite firm with the past few sessions on the back of Tuesday’s comments from US Treasury Secretary Janet Yellen and is further corroborated by softer US economic data.

US Private Payrolls added 742k jobs but fell short of 8k market expectations ahead of the NFP data. Moving on, US Service Activity dropped to 62.7 in April from an all-time high of 63.7 and below the market expectations of 64.3. The market turns muted on the demand for the greenback on the back of not so encouraging data that keeps the momentum going in favor of the NZD/USD pair for the time being.

It is worth noting that S&P 500 futures are trading flat at 4,158 with modest gains.

Investors turn their attention to US Initial Jobless Claims, Unit Labour Costs, and Nonfarm Productivity QoQ data to gauge the market sentiment.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.7212
Today Daily Change	0.0067
Today Daily Change %	0.94
Today daily open	0.7145

Trends
Daily SMA20	0.7152
Daily SMA50	0.7146
Daily SMA100	0.7162
Daily SMA200	0.6947

Levels
Previous Daily High	0.7208
Previous Daily Low	0.7115
Previous Weekly High	0.7287
Previous Weekly Low	0.715
Previous Monthly High	0.7287
Previous Monthly Low	0.6945
Daily Fibonacci 38.2%	0.7151
Daily Fibonacci 61.8%	0.7173
Daily Pivot Point S1	0.7104
Daily Pivot Point S2	0.7063
Daily Pivot Point S3	0.701
Daily Pivot Point R1	0.7197
Daily Pivot Point R2	0.725
Daily Pivot Point R3	0.7291

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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