NZD/USD remains on track to end week above 0.6500


  • NZD/USD pair is rising for the fourth straight day on Friday.
  • Upbeat PMI data from China helped kiwi gather strength.
  • US Dollar Index posts modest gains in quiet day.

The NZD/USD pair preserved its bullish momentum on Friday and rose to a daily high of 0.6532. However, the pair has already gone into a consolidation phase amid thin trading conditions.

NZD/USD extends winning streak

As of writing, NZD/USD was up 0.26% on the day at 0.6527. On a weekly basis, the pair, which looks to post its fourth straight positive daily close, is up more than 100 pips.

During the Asian session, the data from China showed that the business activity in the service sector expanded at a robust pace with the Caixin Services PMI climbing to 58.4 from 55.5.

Although the China-proxy NZD capitalized on this data and gathered strength against the USD, the dismal market mood made it difficult for NZD/USD to stretch higher. In the absence of significant market drivers, investors remain cautious amid rising COVID-19 cases in the US.

The risk-off environment, as reflected by the sharp drop witnessed in major European equity indexes, is helping the greenback find demand. At the moment, the US Dollar Index is up 0.1% on the day at 97.30. There won't be any macroeconomic data releases from the US and the market action is expected to remain subdued due to the Independence Day holiday in the US.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6527
Today Daily Change 0.0016
Today Daily Change % 0.25
Today daily open 0.6511
 
Trends
Daily SMA20 0.6465
Daily SMA50 0.6262
Daily SMA100 0.6179
Daily SMA200 0.6328
 
Levels
Previous Daily High 0.6538
Previous Daily Low 0.6466
Previous Weekly High 0.6534
Previous Weekly Low 0.6383
Previous Monthly High 0.6585
Previous Monthly Low 0.6186
Daily Fibonacci 38.2% 0.651
Daily Fibonacci 61.8% 0.6493
Daily Pivot Point S1 0.6472
Daily Pivot Point S2 0.6433
Daily Pivot Point S3 0.64
Daily Pivot Point R1 0.6544
Daily Pivot Point R2 0.6577
Daily Pivot Point R3 0.6616

 

 

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