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

 

 

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