NZD/USD moves above 0.7050 post-NZD data, US PMI eyed

NZD/USD gathers momentum in the initial Asian trading hours.
Lower US Treasury yields undermine the demand for the US dollar.
Risk-on mood added support to kiwi post upbeat economic data, rate hike expectations.

Rekha Chauhan Independent Analyst

NZD/USD edges higher on Tuesday in the early Asian trading session. The pair opened on a lower note but gained swiftly to touch the intraday high of 0.7064.

At the time of writing, the NZD/USD pair is trading at 0.7055, up 0.45% for the day.

The US Dollar Index (DXY), which measures the greenback performance against its major rivals, lost momentum and dropped back toward 92.20. The activity remained quiet due to the holiday in the US market.

On the other hand, Kiwi remained in higher spirit after the latest Quarterly Survey of Business Opinion(QSBO) from the New Zealand Institute of Economic Research (NZIER), for the Q1 showed that 60% of the financial service sector firms expect interest rates to rise over the coming year.

Meanwhile, as per the latest New Zealand Q2, Actual Business Confidence came at 7.0% compared to -13% in the previous quarter.

As for now, traders are bracing up for New Zealand Global Dairy Trade Price Index and US Purchase Managers Index (PMI) data to gauge the market sentiment.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.706
Today Daily Change	0.0030
Today Daily Change %	0.43
Today daily open	0.703

Trends
Daily SMA20	0.707
Daily SMA50	0.7162
Daily SMA100	0.7158
Daily SMA200	0.7058

Levels
Previous Daily High	0.7039
Previous Daily Low	0.6947
Previous Weekly High	0.7087
Previous Weekly Low	0.6947
Previous Monthly High	0.7289
Previous Monthly Low	0.6923
Daily Fibonacci 38.2%	0.7004
Daily Fibonacci 61.8%	0.6982
Daily Pivot Point S1	0.6972
Daily Pivot Point S2	0.6914
Daily Pivot Point S3	0.688
Daily Pivot Point R1	0.7063
Daily Pivot Point R2	0.7097
Daily Pivot Point R3	0.7155

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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