NZD/USD recovers modestly from daily lows, stays below 0.64


  • Subdued market action allows NZD/USD to stay in its range. 
  • Trump lowers tensions with China, voices willingness to make a deal.
  • US Dollar Index moves sideways below 98 ahead of mid-tier data.

After touching its lowest level in nearly four years at 0.6361 yesterday, the NZD/USD pair rose to 0.64 region but struggled to extend its recovery today. As of writing, the pair was down 0.25% on the day at 0.6375.

With both sides taking a step back in the US-China trade conflict and calling for "calm" negotiations, the trade-sensitive NZD staged a modest rebound on Monday. Speaking at the G7 summit, President Trump said that he was confident that China was sincere about wanting to make a trade deal.

USD steadies after Monday's rebound

However, the fact that easing tensions also allowed the Greenback to gather strength on the back of rising T-bond yields capped the pair's upside. The US Dollar Index, which tracks the greenback's value against a basket of six major currencies, closed the day with strong gains on Monday and is now staying in a consolidation phase below the 98 mark while waiting for the mid-tier macroeconomic data releases, which include the Conference Board Consumer Confidence Index, the Richmond Fed Manufacturing Index, and the Federal Housing Finance Agency's (FHFA) Housing Price Index, from the US.

On the other hand, the data from New Zealand on Monday showed that the trade surplus in July widened to $5.46 billion from $4.98 billion in June on a yearly basis. The next significant data from New Zealand, the ANZ Activity Outlook and Business Confidence, will be released on Thursday.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6375
Today Daily Change -0.0019
Today Daily Change % -0.30
Today daily open 0.6394
 
Trends
Daily SMA20 0.6466
Daily SMA50 0.6586
Daily SMA100 0.6598
Daily SMA200 0.6704
Levels
Previous Daily High 0.6404
Previous Daily Low 0.6341
Previous Weekly High 0.6443
Previous Weekly Low 0.6361
Previous Monthly High 0.6792
Previous Monthly Low 0.6543
Daily Fibonacci 38.2% 0.638
Daily Fibonacci 61.8% 0.6365
Daily Pivot Point S1 0.6356
Daily Pivot Point S2 0.6317
Daily Pivot Point S3 0.6293
Daily Pivot Point R1 0.6419
Daily Pivot Point R2 0.6443
Daily Pivot Point R3 0.6482

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Next stop emerges at 0.6580

AUD/USD: Next stop emerges at 0.6580

The downward bias around AUD/USD remained unabated for yet another day, motivating spot to flirt with the area of four-week lows well south of the key 0.6700 region.

AUD/USD News

EUR/USD looks cautious near 1.0900 ahead of key data

EUR/USD looks cautious near 1.0900 ahead of key data

The humble advance in EUR/USD was enough to partially leave behind two consecutive sessions of marked losses, although a convincing surpass of the 1.0900 barrier was still elusive.

EUR/USD News

Gold extends slide below $2,400

Gold extends slide below $2,400

Gold stays under persistent bearish pressure after breaking below the key $2,400 level and trades at its lowest level in over a week below $2,390. In the absence of fundamental drivers, technical developments seem to be causing XAU/USD to stretch lower.

Gold News

Why this week could be explosive for Ethereum

Why this week could be explosive for Ethereum

Ethereum (ETH) is down nearly 1% on Monday as exchanges have begun confirming Tuesday as the launch date for ETH ETFs. Considering the ETH ETF launch and the upcoming Bitcoin Conference, this week could prove crucial for Ethereum.

Read more

What now for the Democrats?

What now for the Democrats?

Like many, I applaud Biden’s decision.  I would have preferred that he’d made it sooner, but there’s still plenty of time for the Democrats to run a successful campaign. In fact, I wish something on the order of a two-month campaign – as opposed to a two-year campaign – were the norm and not the exception. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures