NZD/USD picks up bids below 0.6600 on upbeat ANZ data, risk on mood

NZD/USD bounces off intraday low of 0.6571 after initially easing from 0.6584.
US President Trump signals COVID-19 vaccine just after the election, can consider Democrats’ counterproposal.
New Zealand’s ANZ Business Confidence and Activity Outlook flashed upbeat results for October.
US VP Debate, Trump’s health and stimulus headlines will be the key.

Anil Panchal FXStreet

NZD/USD rises to 0.6575, after taking a U-turn from the daily low of 0.6571, during Thursday’s initial Asian session. In doing so, the kiwi pair respects the recovery in risk sentiment as well as better than forecast and prior preliminary readings of New Zealand’s October month ANZ Business Confidence and Activity Outlook.

The latest data from New Zealand suggest ANZ Business Confidence recovered from -32.6 forecast and -28.5 prior to -14.5 in October. Further details suggest that the ANZ Activity Outlook rose beyond -14.6% expected and -5.4% previous readouts to +3.6%.

Good news from the US ahead of VP debate…

Earlier during the day, US President Donald Trump tweeted a video message to rekindle his health recovery. In addition to coveying that he feels perfect, the Republican leader also mentioned that the coronavirus (COVID-19) vaccine will be out just after the November month’s Presidential election. In doing so, Mr. Trump blamed political rivalry for the delay in letting the cure available for use.

In a separate note, the White House Chief of Staff Mark Meadows also mentioned that Trump is ready to consider Democratic counterproposal if US House speaker Nancy Pelosi respects the administration’s position.

The moves help S&P 500 Futures to mark 0.22% intraday gains after Wall Street recovered Tuesday’s losses by the end of Wednesday’s North American session.

Considering the lack of any major data/events, NZD/USD traders will pay close attention to the US Vice Presidential (VP) Debate, at 01:00 GMT, whereas the current VP Mike Pence for and Senator Kamala Harris will face each other. Also important will be the Chinese traders’ reaction to the latest market plays after returning from a week-long Golden Holidays.

Read: VP Debate Preview: Preventing a landslide Trump loss? Pence may win Harris, narrowing the race

Technical analysis

Failures to cross 21-day SMA, currently around 0.6635, drag the NZD/USD prices toward the 100-day SMA level of 0.6553.

Additional important levels

Overview
Today last price	0.6573
Today Daily Change	-3 pips
Today Daily Change %	-0.05%
Today daily open	0.6576

Trends
Daily SMA20	0.6638
Daily SMA50	0.6633
Daily SMA100	0.6549
Daily SMA200	0.639

Levels
Previous Daily High	0.6601
Previous Daily Low	0.657
Previous Weekly High	0.6658
Previous Weekly Low	0.6539
Previous Monthly High	0.6799
Previous Monthly Low	0.6511
Daily Fibonacci 38.2%	0.6582
Daily Fibonacci 61.8%	0.6589
Daily Pivot Point S1	0.6564
Daily Pivot Point S2	0.6552
Daily Pivot Point S3	0.6534
Daily Pivot Point R1	0.6595
Daily Pivot Point R2	0.6613
Daily Pivot Point R3	0.6625

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.