NZD/USD pares early losses, trades around 0.6570

NZD/USD staged a rebound after dropping below 0.6550.
US Dollar Index struggles to push higher following Thursday's jump.
Producer Price Index (PPI) will be featured in US economic docket.

Eren Sengezer FXStreet

The sour market mood, as reflected by the poor performance of major Asian equity indexes, weighed on the risk-sensitive NZD on Friday and dragged the NZD/USD pair to a daily low of 0.6545. Nevertheless, the pair staged a technical rebound amid subdued market action and was last seen posting small daily gains at 0.6573.

Risk perception continues to impact NZD's valuation

Earlier in the day, the data published by Statistics New Zealand showed that Electronic Card Retail Sales in June increased by 16.3% on a monthly basis. With this reading, the annual change recovered to 8% from -6%. However, the NZD failed to capitalize on the upbeat data as the market mood remained sour amid concerns over rising coronavirus cases crippling the global economic recovery.

On the other hand, the greenback gathered strength against its rivals on Thursday with the US Dollar Index (DXY) gaining 0.3% on the day. Although the DXY extended its rebound and tested 97.00 earlier in the day, it reversed its direction during the European trading hours and helped the pair erase its daily losses.

At the moment, the DXY is down 0.08% on a daily basis at 96.70. Later in the day, the Producer Price Index data from the US will be featured in the US economic docket.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.6574
Today Daily Change	0.0004
Today Daily Change %	0.06
Today daily open	0.657

Trends
Daily SMA20	0.6477
Daily SMA50	0.631
Daily SMA100	0.6187
Daily SMA200	0.6335

Levels
Previous Daily High	0.6601
Previous Daily Low	0.6551
Previous Weekly High	0.6539
Previous Weekly Low	0.6385
Previous Monthly High	0.6585
Previous Monthly Low	0.6186
Daily Fibonacci 38.2%	0.657
Daily Fibonacci 61.8%	0.6582
Daily Pivot Point S1	0.6547
Daily Pivot Point S2	0.6524
Daily Pivot Point S3	0.6497
Daily Pivot Point R1	0.6597
Daily Pivot Point R2	0.6624
Daily Pivot Point R3	0.6647

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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