NZD/USD slides to two-week lows, inches closer to 0.63 handle

  • The NZD/USD pair falls for the sixth straight day.
  •  US Dollar Index sits above the 98.50 mark ahead of today's data.
  • New Zealand's GDT auction is expected to yield a 1.7% decline in the Price Index.

After breaking below the 0.64 mark on Monday, the NZD/USD pair extended its slide and touched its lowest level in a week at 0.6321 on Tuesday. As of writing, the pair was down 0.26% on a daily basis at 0.6327.

The lack of major developments surrounding the US-China trade dispute and the absence of macroeconomic data releases from New Zealand allowed the USD's market valuation and the risk sentiment to drive the pair's action.

The flight-to-safety that was triggered by the rising geopolitical tensions in the Middle East amid the attack on Saudi Arabia's oil facilities weighed on the demand for the risk-sensitive NZD. 

USD preserves its strength

On the other hand, the USD capitalized on risk-off flows and the US Dollar Index (DXY) on Monday retraced all of last week's drop to keep the bearish pressure on the pair intact. Ahead of today's Industrial Production and the Capacity Utilization data from the DXY is consolidating Monday's gains near 98.60.

Later in the day, the bi-weekly Global Dairy Trade auction in New Zealand will be looked upon for fresh impetus as well. Markets expect the auction to yield a 1.7% decline in the Price Index, which could put additional weight on the NZD's shoulders.

Technical levels to watch for


Today last price 0.6327
Today Daily Change -0.0017
Today Daily Change % -0.27
Today daily open 0.6344
Daily SMA20 0.6375
Daily SMA50 0.6505
Daily SMA100 0.6548
Daily SMA200 0.6668
Previous Daily High 0.6392
Previous Daily Low 0.6341
Previous Weekly High 0.6452
Previous Weekly Low 0.6372
Previous Monthly High 0.659
Previous Monthly Low 0.6283
Daily Fibonacci 38.2% 0.636
Daily Fibonacci 61.8% 0.6373
Daily Pivot Point S1 0.6326
Daily Pivot Point S2 0.6308
Daily Pivot Point S3 0.6275
Daily Pivot Point R1 0.6377
Daily Pivot Point R2 0.641
Daily Pivot Point R3 0.6428



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