NZD/USD rallies to session tops, 0.6600 mark back on sight

   •  Signs of stability in the global financial markets extend some support.
   •  A modest USD pullback prompted some intraday short-covering move.
   •  Traders now eye second-tier US economic releases for fresh impetus.

The NZD/USD pair reversed an early dip to one-week lows and rallied around 40-pips, hitting fresh session tops during the early European session.

With investors still digesting the recent escalation in the US-China trade tensions, some signs of stability in global financial markets extended some support/helped ease the bearish pressure surrounding perceived riskier currencies - like the Kiwi.

This coupled with a modest US Dollar pullback, led by persistent weakness in the US Treasury bond yields might have acted as another factor prompting some aggressive intraday short-covering move and behind the latest leg of an upsurge. 

It, however, remains to be seen if the uptick is backed by any genuine buying or is still seen as a selling opportunity at higher levels as the market focus remains on any fresh trade-related headlines, which remains a sole driver of the broader market risk sentiment.

Later during the early North-American session, the US economic docket - featuring the release of housing market data, the usual initial weekly jobless claims and Philly Fed Manufacturing Index, will now be looked upon for some short-term trading impetus.

Technical levels to watch


Today last price 0.658
Today Daily Change 0.0017
Today Daily Change % 0.26
Today daily open 0.6563
Daily SMA20 0.6624
Daily SMA50 0.6732
Daily SMA100 0.6765
Daily SMA200 0.6717
Previous Daily High 0.6579
Previous Daily Low 0.655
Previous Weekly High 0.6632
Previous Weekly Low 0.6526
Previous Monthly High 0.6838
Previous Monthly Low 0.658
Daily Fibonacci 38.2% 0.6561
Daily Fibonacci 61.8% 0.6568
Daily Pivot Point S1 0.6549
Daily Pivot Point S2 0.6535
Daily Pivot Point S3 0.652
Daily Pivot Point R1 0.6578
Daily Pivot Point R2 0.6593
Daily Pivot Point R3 0.6607



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