NZD/USD renews monthly lows, closes in on 0.6500

NZD/USD is falling for the fourth straight day on Thursday.
US Dollar Index stays in the positive territory near mid-94s.
Focus shifts to mid-tier macroeconomic data releases from the US.

Eren Sengezer FXStreet

The NZD/USD pair lost nearly 100 pips on Wednesday and extended its slide to a fresh monthly low of 0.6517 on Thursday. As of writing, the pair was down 0.28% on a daily basis at 0.6528.

Earlier in the day, the data published by Statistics New Zealand showed that the country posted a trade deficit of NZD353 million following July's surplus of NZD447 million and made it difficult for the kiwi to stage a rebound.

DXY rally remains unabated

On the other hand, the US Dollar Index (DXY) closed the fourth straight day in the positive territory on Wednesday as the poor performance of Wall Street's main indexes helped the USD find demand as a safe-haven. With risk flows struggling to take control of financial markets, the DXY is posting modest daily gains at 94.45 ahead of the American session.

Later in the day, the US Department of Labor's weekly Initial Jobless Claims, the US Census Bureau's New Home Sales and Kansas Fed's Manufacturing Activity data will be looked upon for fresh impetus. Meanwhile, FOMC Chairman Jerome Powell will appear before Congress on the second day of his testimony. However, Powell's remarks are expected to be identical to his opening statement from Tuesday and Wednesday.

There won't be any data releases from New Zealand during the Asian session on Friday and the USD's market valuation is likely to remain the primary driver of NZD/USD's movements.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.653
Today Daily Change	-0.0046
Today Daily Change %	-0.70
Today daily open	0.6576

Trends
Daily SMA20	0.6696
Daily SMA50	0.664
Daily SMA100	0.6495
Daily SMA200	0.6394

Levels
Previous Daily High	0.6648
Previous Daily Low	0.6535
Previous Weekly High	0.6799
Previous Weekly Low	0.6661
Previous Monthly High	0.6764
Previous Monthly Low	0.6488
Daily Fibonacci 38.2%	0.6578
Daily Fibonacci 61.8%	0.6605
Daily Pivot Point S1	0.6524
Daily Pivot Point S2	0.6473
Daily Pivot Point S3	0.6412
Daily Pivot Point R1	0.6637
Daily Pivot Point R2	0.6699
Daily Pivot Point R3	0.675

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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