NZD/USD moves sideways near 0.6540, eyes on Powell speech


  • NZD/USD trading range narrows in the second half of the day.
  • US Dollar Index stays calm below the 98 mark.
  • FOMC Chairman Powell and Vice Chair Clarida are scheduled to speak today.

The NZD/USD pair is fluctuating in a very tight range on Monday as the trading action in the FX space turns subdued in the absence of fundamental drivers. As of writing, the pair was up 0.25% on a daily basis at 0.6535.

Despite the modest rebound today, the pair is likely to struggle to gather bullish momentum in the near-term as investors are staying on the sidelines while waiting to see the impact of the U.S. decision to cut off Huawei supplies on the U.S.-China trade dispute. An escalation in the conflict could continue to hurt antipodeans such as the kiwi as we have witnessed in the previous week and put the pressure under a renewed bearish pressure.

Meanwhile, following last week's rally, the US Dollar Index is extending its consolidation phase below the 98 mark today, helping the pair remain in its narrow trading band. Later in the session, FOMC Vice Chair Clarida and Chairman Powell will be delivering speeches. 

The only data from the U.S. revealed that the Chicago Fed's National Activity Index dropped to -0.45 in April from 0.05 in March but was largely ignored by the participant. 

Credit card spending from New Zealand will be released in the early trading hours of the Asian session on Tuesday ahead of the GDT auction and the retail sales data on Wednesday.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6537
Today Daily Change 0.0017
Today Daily Change % 0.26
Today daily open 0.652
 
Trends
Daily SMA20 0.6609
Daily SMA50 0.6722
Daily SMA100 0.6762
Daily SMA200 0.6717
Levels
Previous Daily High 0.6548
Previous Daily Low 0.6513
Previous Weekly High 0.6604
Previous Weekly Low 0.6513
Previous Monthly High 0.6838
Previous Monthly Low 0.658
Daily Fibonacci 38.2% 0.6526
Daily Fibonacci 61.8% 0.6534
Daily Pivot Point S1 0.6506
Daily Pivot Point S2 0.6492
Daily Pivot Point S3 0.6472
Daily Pivot Point R1 0.6541
Daily Pivot Point R2 0.6562
Daily Pivot Point R3 0.6576

 

 

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