NZD/USD remains unaffected by trade balance data as struggles below 0.7000

NZD/USD moves cautiously on Monday with positive bias.
The US Dollar Index slips from the 93.00 mark and trades lower.
The US Treasury yields remain below the 1.300 level, undermining the demand for the greenback.

Rekha Chauhan Independent Analyst

NZD/USD kickstarts the fresh trading week on a higher note in the Asian session. The pair seems to struggle to push above the 0.7000 mark for the past four trading sessions.

At the time of writing, NZD/USD is trading at 0.6981, up 0.14% for the day.

Kiwi remained unfazed by the June trade balance data, which narrowed to $261.4 million in June as compared to $472.6 million on yearly basis. The Trade data nearly halved in June as imports outpaced the exports, mainly due to a rise in the purchase of vehicles, parts, and accessories.

Meanwhile, the Bank of New Zealand (BNZ) on Friday revised forecasts for NZD against the US dollar, keeping the greenback on the higher side. The Kiwi performance could be traced back to the global economic recovery, but the narrative took a backseat over the past month due to the high-speed spread of the highly contagious delta variant of COVID-19.

It is worth noting that S&P 500 Futures were trading at 4,399 with 0.91% gains.

The US Dollar Index (DXY), which measures the greenback against a basket of six major rivals, slips below 93.00 with 0.02% losses.

As for now, investors are waiting for the US New Home Sales for June data to gauge the market sentiment.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.6982
Today Daily Change	0.0011
Today Daily Change %	0.16
Today daily open	0.6971

Trends
Daily SMA20	0.6986
Daily SMA50	0.709
Daily SMA100	0.7114
Daily SMA200	0.7085

Levels
Previous Daily High	0.6993
Previous Daily Low	0.696
Previous Weekly High	0.7004
Previous Weekly Low	0.6881
Previous Monthly High	0.7289
Previous Monthly Low	0.6923
Daily Fibonacci 38.2%	0.698
Daily Fibonacci 61.8%	0.6973
Daily Pivot Point S1	0.6956
Daily Pivot Point S2	0.6942
Daily Pivot Point S3	0.6923
Daily Pivot Point R1	0.6989
Daily Pivot Point R2	0.7008
Daily Pivot Point R3	0.7022

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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