NZD/USD retreats from weekly highs below 0.7050 as USD strengthens

NZD/USD grinds lower on Friday in the early Asian session.
US Dollar Index pares initial losses to trade near 94.00 with 0.07% gains.
Kiwi under pressure on biggest rise in COVID-19 cases despite upbeat PMI.

Rekha Chauhan Independent Analyst

NZD/USD surrenders the previous session’s gains on Friday’s Asian session. The pair jumped more than 80-pips in the US session following the USD broad-based sell-off. At the time of writing, NZD/USD is trading at 0.7032, down 0.5% for the day,

The US Dollar Index (DXY), which measures the greenback performance against its six major rivals, trades at 94.05. Wall Street surges more than 1.5% on strong earnings denting the prospects of the US dollar. The greenback losses despite upbeat economic data. The US Initial Jobless Claims drops below 300K, for the first time since the pandemic begins.

On the other hand, Kiwi pares part of its gains as there are 65 fresh coronavirus infections reported in Auckland, the biggest single-day rise in six weeks. NZD fails to capitalize on the upbeat manufacturing sector activity. The New Zealand Business Purchasing Managers Index (PMI) rebounds in September at 51.4, from a downwardly revised 39.7 in the previous month.

As for now, all eyes are on the US Retails sales data to take fresh trading impetus.

NZD/USD additional levels

Overview
Today last price	0.7036
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.7036

Trends
Daily SMA20	0.6973
Daily SMA50	0.7003
Daily SMA100	0.7026
Daily SMA200	0.7103

Levels
Previous Daily High	0.7042
Previous Daily Low	0.6954
Previous Weekly High	0.6984
Previous Weekly Low	0.6876
Previous Monthly High	0.7171
Previous Monthly Low	0.6859
Daily Fibonacci 38.2%	0.7009
Daily Fibonacci 61.8%	0.6988
Daily Pivot Point S1	0.698
Daily Pivot Point S2	0.6923
Daily Pivot Point S3	0.6891
Daily Pivot Point R1	0.7068
Daily Pivot Point R2	0.7099
Daily Pivot Point R3	0.7156

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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