NZD/USD remains pressured below 0.6950 amid stronger USD

NZD/USD grinds lower on Tuesday in the early Asian session.
US Dollar Index near one-year high above 94.30 exerting pressure on NZD/USD.
COVID-19 restrictions, risk-aversion, high inflation woes check kiwi nerves.

Rekha Chauhan Independent Analyst

NZD/USD surrenders the previous session’s gains on Tuesday in the Asian session. The buying pressure in the US dollar keeps NZD/USD edgy. At the time of writing, NZD/USD is trading at 0.6933, down 0.12% for the day,

The US Dollar Index (DXY), which measures the greenback performance against its six major rivals, trades at 94.37 near its highest since September 2020. The greenback attracts the capital flows on its safe-haven appeal amid surging energy prices, which fuels the inflationary pressure. In addition to that, the Fed remains unfazed by the disappointing NFP data as expectations of tapering as early as November stands strong.

On the other hand, Kiwi lost its momentum on reduced risk appetite among investors in the wake of the latest COVID-19 restrictions and mixed economic data. In the latest development, New Zealand’s Prime Minister Jacinda Arden announced that Auckland will remain in alert level 3, step 1, for at least one more week whereas Waikato and Northland will stay in alert level 3 until October, 14. It is worth noting that S&P 500 Futures is trading at 4,347,25, down 0.80% for the day.

On the economic data side, the Visitor Arrivals in New Zealand fell to 30,209 in July from 51,590 in June. Electronic card transactions rose to 0.9% in September. As for now, all eyes are on the US JOLTS Job opening data to take fresh trading impetus.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.6937
Today Daily Change	-0.0002
Today Daily Change %	-0.03
Today daily open	0.6939

Trends
Daily SMA20	0.6999
Daily SMA50	0.7008
Daily SMA100	0.7038
Daily SMA200	0.7108

Levels
Previous Daily High	0.6961
Previous Daily Low	0.6908
Previous Weekly High	0.6984
Previous Weekly Low	0.6876
Previous Monthly High	0.7171
Previous Monthly Low	0.6859
Daily Fibonacci 38.2%	0.6941
Daily Fibonacci 61.8%	0.6928
Daily Pivot Point S1	0.6911
Daily Pivot Point S2	0.6883
Daily Pivot Point S3	0.6859
Daily Pivot Point R1	0.6964
Daily Pivot Point R2	0.6989
Daily Pivot Point R3	0.7016

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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