NZD/USD rebounds from 1-week lows, retakes 0.6300 mark and beyond


  • Investors looked past Wednesday’s not so dovish FOMC meeting minutes.
  • The incoming positive trade-related headlines helped bounce off lows.
  • Thursday key focus will remain on US CPI figures and US-China trade talks.

The NZD/USD pair built on its goodish intraday bounce from one-week lows and climbed to fresh session tops, around the 0.6310-15 region in the last hour.
 
The pair initially extended the overnight rejection slide from the 0.6325-30 supply zone, further weighed down by not so dovish FOMC meeting minutes, and dropped to an intraday low level of 0.6277 during the Asian session on Thursday.

Trade optimism provides a goodish lift

However, the incoming positive trade-related headlines remained supportive of the prevalent risk-on flows and helped limit further downside, rather attracted some dip-buying interest around perceived riskier currencies - like the Kiwi.
 
Adding to the overnight report that China was open to a partial deal, the US was reported considering entering into a currency agreement with China as a part of a partial trade deal and provided an additional boost to the global risk sentiment.
 
On the other hand, the US Dollar struggled to gain any meaningful traction and remained on the defensive amid the ongoing slide in the US Treasury bond yields, which further collaborated to the pair's solid intraday rally of around 35-40 pips.
 
The pair has now moved back within the striking distance of the mentioned barrier as market participants look forward to Thursday's important release of the latest US consumer inflation figures for some meaningful trading impetus.
 
This coupled with the resumption of the crucial high-level US-China trade negotiations will play a key role in driving the broader market risk sentiment and help determine the next leg of a directional move for the major.

Technical levels to watch

NZD/USD

Overview
Today last price 0.6313
Today Daily Change 0.0021
Today Daily Change % 0.33
Today daily open 0.6292
 
Trends
Daily SMA20 0.6306
Daily SMA50 0.6373
Daily SMA100 0.65
Daily SMA200 0.6628
 
Levels
Previous Daily High 0.6325
Previous Daily Low 0.6288
Previous Weekly High 0.6338
Previous Weekly Low 0.6204
Previous Monthly High 0.6452
Previous Monthly Low 0.6249
Daily Fibonacci 38.2% 0.6302
Daily Fibonacci 61.8% 0.6311
Daily Pivot Point S1 0.6278
Daily Pivot Point S2 0.6264
Daily Pivot Point S3 0.6241
Daily Pivot Point R1 0.6316
Daily Pivot Point R2 0.6339
Daily Pivot Point R3 0.6353

 

 

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