NZD/USD: New Zealand trade data, PM Ardern keep buyers hopeful around 0.6050


  • NZD/USD bounces off 0.6040 after upbeat catalysts.
  • New Zealand (NZ) exports are up 3.3%, registers a 20% rise in offerings to China.
  • NZ PM Ardern cites strategic advantage of the active government.
  • US data, virus/trade updates will be the key moving forward.

Following its U-turn from 0.6040, NZD/USD takes the bids to 0.6055 in early Wednesday’s trading. The pair’s latest catalysts seem to be the upbeat New Zealand trade data and comments from PM Jacinda Ardern.

Read: New Zealand’s exports rose 3.3% YoY in three months ended April 29

As per the provisional readings of February-April trade data from Stats NZ, New Zealand’s total exports to all countries were up 3.3% whereas exports to the key customer China rose 20%.

Earlier, NZ PM Ardern said, “The early and fast government response to the virus outbreak has helped the economy be positioned to rebuild more quickly than many others globally. That is our safe-haven strategic advantage."

It should also be noted that the hopes of the US economic restart, as hinted by US President Donald Trump, offered the early-day help to the kiwi pair in extending Tuesday’s recovery gains from 0.6033.

Even so, the market’s risk-tone seems to dwindle amid on-going coronavirus (COVID-19) worries as well as downbeat activity numbers from the global majors. As a result, S&P 500 Futures drop 0.15% to 2,854 by the time of writing.

Looking forward, a lack of major data in Asia will keep traders directed towards US economics, led by today’s ADP Employment Change, for fresh impulse. However, any more detail concerning the economic restart as well as virus updates could offer intermediate moves.

Technical analysis

While 0.6100 acts as the immediate resistance, buyers are targeting April top of 0.6176 during the further upside. Alternatively, a confluence of 50-day SMA and an ascending trend line since March 23, 2020, seems to limit the pair’s immediate downside around 0.6035/40, a break of which can recall April 23 low of 0.5910.

Additional important levels

Overview
Today last price 0.6055
Today Daily Change 3 pips
Today Daily Change % 0.05%
Today daily open 0.6052
 
Trends
Daily SMA20 0.6039
Daily SMA50 0.6046
Daily SMA100 0.6298
Daily SMA200 0.6349
 
Levels
Previous Daily High 0.6078
Previous Daily Low 0.6033
Previous Weekly High 0.6176
Previous Weekly Low 0.5991
Previous Monthly High 0.6176
Previous Monthly Low 0.5843
Daily Fibonacci 38.2% 0.6061
Daily Fibonacci 61.8% 0.605
Daily Pivot Point S1 0.6031
Daily Pivot Point S2 0.6009
Daily Pivot Point S3 0.5986
Daily Pivot Point R1 0.6076
Daily Pivot Point R2 0.61
Daily Pivot Point R3 0.6121

 

 

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: Bull pennant in play above 200-SMA

EUR/USD picks up bids after a subdued performance on Monday. After a dull start to the week, EUR/USD gains upside momentum, poking 1.1875 amid the early Tuesday morning in Asia. Weaker Momentum line challenges the up-moves but pennant confirmation could propel the buyers.

EUR/USD News

GBP/USD: 100-day EMA defends bulls around 1.3900

Having portrayed a two-day pullback from the highest levels since late June, GBP/USD licks its wounds around 1.3890 amid Tuesday’s Asian session. The cable seesaws between a downward sloping trend line from June 01 and 100-day EMA. However, bullish MACD and a successful rise above 200-day EMA favor buyers.

GBP/USD News

EUR/USD: Bull pennant in play above 200-SMA

EUR/USD picks up bids after a subdued performance on Monday. After a dull start to the week, EUR/USD gains upside momentum, poking 1.1875 amid the early Tuesday morning in Asia. Weaker Momentum line challenges the up-moves but pennant confirmation could propel the buyers.

EUR/USD News

BTC and XRP correct in time versus price as ETH remains unstoppable

Bitcoin ends three-month decline with a compelling 18.35% gain in July while ETH is working on a historic 13 consecutive up days. XRP closed last week with the best weekly return since the end of April.

Read more

Looking ahead to payrolls as markets bounce on China / US truce

Equity markets have started the week on an upbeat note, after a bumper round of earnings reports in recent sessions have helped to boost sentiment. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures