NZD/USD refreshes weekly top above 0.7000 despite sluggish markets

NZD/USD stays firm around eight-day top, prints three-day winning streak.
Downbeat US Treasury yields keep greenback pressured.
Challenges to risk gain less attention amid Good Friday holiday.
US Employment data, bond moves become the key.

Anil Panchal FXStreet

NZD/USD leads major currency gainers, up 0.21% to 0.7033, during the early Friday’s trading. Even if Good Friday restricts the market moves, with holidays in Australia and New Zealand, the extended US dollar weakness seems to play its role in favoring the kiwi buyers.

US dollar index (DXY) stays on the back foot below 93.00, near 92.90 by the press time, as the US 10-year Treasury yield remains pressured close to 1.67%. It’s worth mentioning that the key bond coupon dropped the most in five weeks the previous day and favored USD bears.

While searching for catalysts, global ire over the conviction of veteran Hong Kong Activists and the coronavirus (COVID-19) vaccine chatters from the US should have played their role.

US Depart of Statement condemned the arrests of key democratic personalities in Hong Kong while the Senate Majority Leader Mitch McConnell pushed Biden Administration to gather international support to take punitive actions against China due to the said instance.

Elsewhere, US health expert Dr. Anthony Fauci said that the US may not need the AstraZeneca vaccine even if it gets regulatory approval for usage. The news renewed vaccine jitters as the Anglo-Swedish vaccine is among the top covid cure.

It’s worth mentioning that the S&P 500 Futures print mild gains, following the Wall Street benchmarks, whereas stocks in China and Japan portray aftershocks of the US infrastructure spending announcement.

Although off in Australia and New Zealand challenges NZD/USD traders the most, China’s active day, amid tension surrounding Hong Kong, can entertain the pair traders. However, nothing line the US employment data, up for publishing at 12:30 GMT.

Read: US Nonfarm Payrolls March Preview: Optimism and evidence this time?

Technical analysis

A daily close beyond 0.7030, comprising late December lows, becomes necessary for NZD/USD bulls to attack early March bottom surrounding the 0.7100 threshold.

Additional important levels

Overview
Today last price	0.7033
Today Daily Change	14 pips
Today Daily Change %	0.20%
Today daily open	0.7019

Trends
Daily SMA20	0.7104
Daily SMA50	0.7182
Daily SMA100	0.7131
Daily SMA200	0.6881

Levels
Previous Daily High	0.7027
Previous Daily Low	0.6945
Previous Weekly High	0.7183
Previous Weekly Low	0.6943
Previous Monthly High	0.7308
Previous Monthly Low	0.6943
Daily Fibonacci 38.2%	0.6996
Daily Fibonacci 61.8%	0.6976
Daily Pivot Point S1	0.6967
Daily Pivot Point S2	0.6915
Daily Pivot Point S3	0.6885
Daily Pivot Point R1	0.7049
Daily Pivot Point R2	0.7079
Daily Pivot Point R3	0.7131

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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