NZD/USD pulls away from weekly highs, clings to modest gains near 0.6630

NZD/USD is rising for the fourth straight day on Thursday.
US Dollar Index stays flat on the day near 93.80.
Personal Income and Manufacturing PMI will be released from the US.

Eren Sengezer FXStreet

The NZD/USD pair capitalized on the broad-based USD weakness and closed the third straight day in the positive territory on Wednesday. Although the pair pushed higher to touch its best level in a week at 0.6647 on Thursday, it lost its traction ahead of the American session. As of writing, NZD/USD was up 0.4% on the day at 0.6635.

DXY struggles to stage a recovery ahead of US data

Decisive gains witnessed in Wall Street's main indexes toward the end of September caused the greenback to lose interest as a safe-haven since the start of the week. With the S&P 500 futures gaining 0.85% on Thursday, the USD remains on the back foot and the US Dollar Index (DXY) was last seen flat on the day at 93.79.

In the early American session, the US Bureau of Economic Analysis will release the Personal Spending, Personal Income and Personal Consumption Expenditures (PCE) Price Index data. Later in the day, the IHS Markit and the ISM will both publish the September Manufacturing PMI reports.

During the Asian trading hours on Thursday, the data published by the ANZ showed that Business Confidence continued to weaken in New Zealand in September but the Activity Outlook improved modestly from -9.9% to -5.4% in the same period.

On Friday, the ANZ - Roy Morgan Consumer Confidence Index from New Zealand will be looked upon for fresh catalysts.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.6636
Today Daily Change	0.0018
Today Daily Change %	0.27
Today daily open	0.6618

Trends
Daily SMA20	0.6657
Daily SMA50	0.6638
Daily SMA100	0.652
Daily SMA200	0.6392

Levels
Previous Daily High	0.6627
Previous Daily Low	0.6569
Previous Weekly High	0.6778
Previous Weekly Low	0.6511
Previous Monthly High	0.6799
Previous Monthly Low	0.6511
Daily Fibonacci 38.2%	0.6605
Daily Fibonacci 61.8%	0.6591
Daily Pivot Point S1	0.6583
Daily Pivot Point S2	0.6547
Daily Pivot Point S3	0.6525
Daily Pivot Point R1	0.6641
Daily Pivot Point R2	0.6663
Daily Pivot Point R3	0.6699

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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