NZD/USD reclaims 0.6400 handle, over one-month tops


  • The prevalent USD selling bias helped regain positive traction on Monday.
  • The recent optimism over a partial US-China trade deal remains supportive.

The NZD/USD pair climbed to over one-month tops in the last hour, with bulls now looking to extend the momentum further beyond the 0.6400 handle.
 
The pair added to its recent goodish recovery move from multi-year lows and continued gaining positive traction for the third consecutive session on Monday in the wake of some follow-through selling around the US Dollar.

Persistent USD selling remained supportive

Despite a goodish intraday pickup in the US Treasury bond yields, supported by improving global risk sentiment, the USD bulls remained on the defensive amid expectations that the Fed will cut interest rates again in October.
 
This coupled with recent optimism over phase one deal between the world's two largest economies remained supportive of the bid tone surrounding perceived riskier currencies – including the New Zealand Dollar.
 
In absence of any major market-moving economic releases from the US, it will not be interesting to see if bulls are able to maintain their dominant position or opt to take some profits off the table on the first day of a new trading week.

Technical levels to watch

NZD/USD

Overview
Today last price 0.6404
Today Daily Change 0.0017
Today Daily Change % 0.27
Today daily open 0.6387
 
Trends
Daily SMA20 0.6301
Daily SMA50 0.6348
Daily SMA100 0.6485
Daily SMA200 0.6613
 
Levels
Previous Daily High 0.6391
Previous Daily Low 0.6342
Previous Weekly High 0.6391
Previous Weekly Low 0.624
Previous Monthly High 0.6452
Previous Monthly Low 0.6249
Daily Fibonacci 38.2% 0.6372
Daily Fibonacci 61.8% 0.6361
Daily Pivot Point S1 0.6356
Daily Pivot Point S2 0.6324
Daily Pivot Point S3 0.6307
Daily Pivot Point R1 0.6405
Daily Pivot Point R2 0.6422
Daily Pivot Point R3 0.6454

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD: Bullish breakout faces next challenge at 1.1150

The EUR/USD pair closed the week at around 1.1100, its highest settlement in two months, as poor US data coupled with a relief rally of high-yielding assets ahead of the close. Several European countries will start the week celebrating a holiday.

EUR/USD News

GBP/USD: Post-Brexit relationship taking centre stage

The GBP/USD pair hit 1.2393 on Friday, a two week high, retreating sharply from the level ahead of Trump’s speech to later recover on relief and settle at 1.2345. Cable is technically neutral, although the bullish potential seems limited.

GBP/USD News

Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures