NZD/USD rises further on the back of risk appetite, moves away from 0.6500


  • Kiwi supported by risk sentiment after Draghi’s comments and Trump’s tweet. 
  • Greenback drops versus commodity and EM currencies, holds to gains versus Euro.
  • Data ahead: NZ Current Account and FOMC meeting. 

The NZD/USD pair strengthened after the beginning of the American session amid an improvement in risk sentiment and extended gains. 

NZD/USD extends the rebound from below 0.6500

Earlier today the pair bottomed at 0.6488 and again rebounded from near the 0.6485 area, setting a potential short-term double bottom. During the American session rose further, broke above 0.6513 (June 17 high) and recently printed a fresh daily high at 0.6536. 

As of writing trades at 0.6530, up 25 pips from yesterday’s close, supported by the rally in equity prices. The DOW JONES is up 1.35% and the S&P 500 1.15%. European indexes ended with gains of 2% on average. The rally started after dovish comments from Mario Draghi and it was reinforced after Trump announced he talked with Xi Jinping and plans an extended meeting. 

The improvement in risk sentiment moved US yields away from the lows, giving some support to the greenback that rebounded versus the yen and held to gains against the Euro. But the Dollar weakened versus the high yielding space, including the Kiwi and the Aussie. 

Market participants are starting to focus on the FOMC statement. Today the Fed started its 2-day meeting. The decision will be announced tomorrow. No change is expected in rates but the statement and Powell’s words will be followed closely for clues about the possibility of a rate cut. 
 

NZD/USD

Overview
Today last price 0.6524
Today Daily Change 0.0030
Today Daily Change % 0.46
Today daily open 0.6494
 
Trends
Daily SMA20 0.6557
Daily SMA50 0.661
Daily SMA100 0.6719
Daily SMA200 0.671
Levels
Previous Daily High 0.6515
Previous Daily Low 0.649
Previous Weekly High 0.6666
Previous Weekly Low 0.6487
Previous Monthly High 0.6684
Previous Monthly Low 0.6481
Daily Fibonacci 38.2% 0.65
Daily Fibonacci 61.8% 0.6506
Daily Pivot Point S1 0.6485
Daily Pivot Point S2 0.6476
Daily Pivot Point S3 0.646
Daily Pivot Point R1 0.6509
Daily Pivot Point R2 0.6524
Daily Pivot Point R3 0.6534

 

 

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