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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD wavers below 0.7300 ahead of Aussie Trade Balance

AUD/USD fades pullback from 0.7264 after marking another failure to cross 0.7340 on D1 closing. DXY rebounds from a 12-week low as US PMIs performed better than EU data in November. Australia’s preliminary Trade Balance for October, RBA’s Debelle can offer immediate direction.

AUD/USD News

XAU/USD attempting to set a bottom at $1,830 multi-month low

Gold futures have finally broken support at $1,850 on Monday, plunging to fresh four-month lows at $1,830 amid a broadly stronger US dollar. XAU/USD has managed to find buyers at the mentioned $1,830 although it remains about 1.6% lower on the day.

Gold news

USD/JPY regains 104.50, could extend recovery

The USD/JPY pair hit a one-week high of 104.63 and is set to extend gains on persistent dollar’s strength. The positive tone of equities provide additional support to the pair.

USD/JPY News

Bitcoin final leg to $20,000 lingers, as crypto bull cycle rockets

Cryptocurrencies across the board had a memorable weekend session, with most of them rallying to new yearly highs. Ethereum, for instance, hit highs of $585 for the first time since 2018. On the other hand, Ripple brushed shoulders with $0.5.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures