NZD/USD remains under selling pressure below 0.5900 amid risk-off mood, renewed US Dollar demand

NZD/USD attracts some sellers near 0.5880 on the renewed USD demand on Friday.
US officials revealed that Israel carried out military strikes against Iran, boosting safe-haven currencies like the USD.
The annual inflation rate in New Zealand remains above the central bank target range, keeping the RBNZ holding rates longer.

Lallalit Srijandorn FXStreet

The NZD/USD pair remains under selling pressure around 0.5880 on Friday during the early European session. The risk-off environment amid the escalating tension between Israel and Iran lifts the Greenback and weighs on NZD/USD. Meanwhile, the US Dollar Index (DXY) edges higher above 106.20, nearly the highest level since November 2023.

US officials revealed that Israel carried out military strikes against Iran. The officials said Israel told the Biden administration early on Thursday that an attack would be launched within the next 24 to 48 hours. Israeli officials informed the US that Iran's nuclear facilities would not be targeted, according to CNN. Investors will monitor the developments surrounding geopolitical tensions in the Middle East. The turmoil and conflict in this region could boost safe-haven flows, benefiting the US Dollar.

Apart from this, the higher possibility that the US Federal Reserve (Fed) might delay interest rate cuts further provides some support to the USD. Several Fed officials agreed that US inflation remains high and that the US central bank needs more confidence in its trajectory.

On the Kiwi front, data released from Statistics New Zealand showed that the nation’s inflation has continued to fall. However, it remains above the Reserve Bank of New Zealand’s (RBNZ) target range of 1 to 3%. This might convince the RBNZ to keep the interest rate high for longer, which might help the New Zealand Dollar (NZD) to limit its losses.

NZD/USD

Overview
Today last price	0.5881
Today Daily Change	-0.0021
Today Daily Change %	-0.36
Today daily open	0.5902

Trends
Daily SMA20	0.5978
Daily SMA50	0.6067
Daily SMA100	0.6127
Daily SMA200	0.6057

Levels
Previous Daily High	0.5943
Previous Daily Low	0.5872
Previous Weekly High	0.6079
Previous Weekly Low	0.5933
Previous Monthly High	0.6218
Previous Monthly Low	0.5956
Daily Fibonacci 38.2%	0.5899
Daily Fibonacci 61.8%	0.5916
Daily Pivot Point S1	0.5869
Daily Pivot Point S2	0.5835
Daily Pivot Point S3	0.5798
Daily Pivot Point R1	0.594
Daily Pivot Point R2	0.5977
Daily Pivot Point R3	0.6011

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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