NZD/USD reclaims monthly highs above 0.7070 post-inflation data, risk-on mood

NZD/USD kickstarts the first trading session of the new trading week on a higher note
US Dollar Index remains subdued below 94.00 helping NZD/USD to push higher.
Higher Inflation and business sentiment support the recent rally for kiwi.

Rekha Chauhan Independent Analyst

NZD/USD ticks higher on Monday in the early Asian trading hours post-critical inflation data. The depreciative move in the US dollar pushes NZD/USD higher. At the time of writing, NZD/USD is trading at 0.7075, up 0.17% for the day.

Kiwi extends the previous week’s momentum and reaches the levels last seen in September. The sentiment is upbeat following the higher Consumer Price Index (CPI), which came in at 2.2% in September, beating the market expectations of 1.4% whereas the Business NZ Performance of Service Index (PSI) reads at 46.9 in September as compared to 35.6 in the previous month. Nevertheless, the upside seems limited as the policymakers are considering tightening restrictions in Auckland again due to rising coronavirus infections.

On the other hand, the greenback remains under pressure on improved risk appetite. On Friday, the US Retail Sales data came at 0.7% in September, much above the market consensus of 0.2 declines. It is worth noting, that S&P 500 Futures are trading at 4,465, up 0.82% for the day. As for now, all eyes are on China’s Gross Domestic Product (GDP) data for a fresh trading impetus.

NZD/USD additional levels

Overview
Today last price	0.7069
Today Daily Change	0.0003
Today Daily Change %	0.04
Today daily open	0.7066

Trends
Daily SMA20	0.6974
Daily SMA50	0.7004
Daily SMA100	0.7024
Daily SMA200	0.7102

Levels
Previous Daily High	0.7078
Previous Daily Low	0.7028
Previous Weekly High	0.7078
Previous Weekly Low	0.6912
Previous Monthly High	0.7171
Previous Monthly Low	0.6859
Daily Fibonacci 38.2%	0.7059
Daily Fibonacci 61.8%	0.7047
Daily Pivot Point S1	0.7037
Daily Pivot Point S2	0.7007
Daily Pivot Point S3	0.6987
Daily Pivot Point R1	0.7087
Daily Pivot Point R2	0.7107
Daily Pivot Point R3	0.7137

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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