• 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|
|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|
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.