NZD/USD retreats to 0.7100 as US dollar recovers and Wall Street trims gains


  • US dollar moves off lows in New York as Yellen’s speaks.
  • NZD/USD with a bearish bias, looking at the 0.7100 area.

The NZD/USD pair is back near weekly lows after hitting at the beginning of the American session 0.7133. It turned to the downside and printed a fresh daily low at 0.7101. As of wiring, it trades at 0.7110, around Monday’s close.

The move off highs in NZD/USD took place amid a modest recovery of the US dollar across the board and following a correction in equity prices in Wall Street. Main indexes are in positive ground but off highs.

Market participants are hearing from Treasury secretary nominee Janet Yellen at the Senate. She mentioned that considering interest rates are at historic lows, the smartest thing is to act big.

The DXY is falling by 0.28%, trading around 90.50, hit by risk appetite. The kiwi is among the weakest currencies on Tuesday. AUD/NZD climbed to 1.0840, the highest level in three months.

From a technical perspective, the NZD/USD is still under pressure. The recovery from Monday’s low has been short-lived. So far on Tuesday, the pair has been able to hold above 0.7100. A break lower would open the door to more losses. On the upside, the key level could be seen at 0.7150/55 (horizontal level and the 20-SMA in 4-hour chart); a consolidation above should alleviate the bearish pressure.

Technical levels

NZD/USD

Overview
Today last price 0.7114
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.7114
 
Trends
Daily SMA20 0.7149
Daily SMA50 0.7062
Daily SMA100 0.6861
Daily SMA200 0.6622
 
Levels
Previous Daily High 0.7143
Previous Daily Low 0.7096
Previous Weekly High 0.7241
Previous Weekly Low 0.7118
Previous Monthly High 0.7241
Previous Monthly Low 0.7002
Daily Fibonacci 38.2% 0.7114
Daily Fibonacci 61.8% 0.7125
Daily Pivot Point S1 0.7092
Daily Pivot Point S2 0.7071
Daily Pivot Point S3 0.7046
Daily Pivot Point R1 0.7139
Daily Pivot Point R2 0.7164
Daily Pivot Point R3 0.7185

 

 

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