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.

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold bounces back toward $4,900, looks to FOMC Minutes

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.