NZD/USD remains choppy in a familiar territory below 0.6000


  • NZD/USD bears catch a breath after cheering three-day losing streak.
  • Risk-tone recovers as oil debacle stops, US economy inches closer to re-open.
  • Pandemic curved flattens in the US, Europe, worries for Asia stay.
  • A lack of major data at home will keep the kiwi at the mercy of overseas catalysts.

NZD/USD takes rounds to 0.5950 during the early Asian session on Thursday. In doing so, the kiwi pair stays inside a choppy range between 0.5940 and 0.5960 established since early US session. The reason for the dormancy could be a lack of major catalysts amid consolidating markets.

With a pause in oil slump, coupled with the European Central Bank’s (ECB) further actions, not to forget the US President Donald Trump’s sustained push for economic restart, global markets recovered the previous day.

Also contributing to the risk reset could be the flattening of the coronavirus (COVID-19) curves in the US, Europe and the UK, except worries from Asia, as well as readiness by the global oil majors to tame the bears.

Recently, US President Donald Trump again pinched for the economic restart while also pouring on the face of those who cited risks of resurgence.

That said, the US Treasury yields and Wall Street recovered on Wednesday while the stock futures are flashing mild losses by the press time.

Given the lack of major data/events at home, traders will keep eyes on the preliminary figures of Australia’s March month trade performance ahead of waiting for the US Jobless Claims and Markit PMIs.

Technical analysis

While sustained trading below 21-day SMA, currently near 0.5985, keeps sellers hopeful, 0.5920 could restrict the pair’s near-term declines. On the contrary, a clear break above 0.5985 may have to stay strong beyond the weekly top of 0.6092 to challenge the monthly high surrounding 0.6130. 

Additional important levels

Overview
Today last price 0.595
Today Daily Change -8 pips
Today Daily Change % -0.13%
Today daily open 0.5958
 
Trends
Daily SMA20 0.5987
Daily SMA50 0.6114
Daily SMA100 0.635
Daily SMA200 0.6381
 
Levels
Previous Daily High 0.6046
Previous Daily Low 0.5934
Previous Weekly High 0.6131
Previous Weekly Low 0.5922
Previous Monthly High 0.645
Previous Monthly Low 0.547
Daily Fibonacci 38.2% 0.5977
Daily Fibonacci 61.8% 0.6003
Daily Pivot Point S1 0.5912
Daily Pivot Point S2 0.5867
Daily Pivot Point S3 0.58
Daily Pivot Point R1 0.6024
Daily Pivot Point R2 0.6091
Daily Pivot Point R3 0.6137

 

 

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