NZD/USD stays dangerously close to multi-year lows it set at 0.6250

Uncertainty surrounding the United States (US) - China trade conflict weighs on the NZD.
US Dollar Index stays above the 99 handle at the start of the week.
Mid-tier data releases from the US are unlikely to trigger a significant market reaction.

Eren Sengezer FXStreet

The NZD/USD pair closed the previous week with small recovery gains and started the new week under renewed selling pressure. After touching its lowest level since September of 2015 at 0.6250 earlier in the day, the pair has gone into a consolidation phase and was last seen trading at 0.6265, erasing 0.48% on a daily basis.

Markets turn risk-averse amid trade uncertainty

Although a US official denied last week's reports claiming that the US was planning to limit portfolio flows into China and to delist Chinese companies from US stock markets, the antipodeans struggled to find demand on Monday. Commenting on the issue, China's Foreign Minister argued that the "China-US decoupling" would harm both sides and cause instability in international markets.

Earlier in the day, the data published from New Zealand revealed that the ANZ Business Confidence worsened to -53.5 in September from -52.s in August to further weigh on the Kiwi. Other data showed that building permits rose 0.8% on a monthly basis in August but was largely ignored by the market participants.

In the American session, the ISM Chicago's Purchasing Managers' Index (PMI) and the Federal Reserve Bank of Dallas' Manufacturing Business Index will be looked upon for fresh impetus. Ahead of this data, the US Dollar Index is preserving last week's gains near 99.20.

During the Asian trading hours on Tuesday, the New Zealand Institute of Economic Research will release the Business Confidence data for the third quarter.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.6265
Today Daily Change	-0.0030
Today Daily Change %	-0.48
Today daily open	0.6295

Trends
Daily SMA20	0.6344
Daily SMA50	0.6433
Daily SMA100	0.652
Daily SMA200	0.6645

Levels
Previous Daily High	0.6311
Previous Daily Low	0.6278
Previous Weekly High	0.6349
Previous Weekly Low	0.6258
Previous Monthly High	0.659
Previous Monthly Low	0.6283
Daily Fibonacci 38.2%	0.6291
Daily Fibonacci 61.8%	0.6298
Daily Pivot Point S1	0.6278
Daily Pivot Point S2	0.6262
Daily Pivot Point S3	0.6245
Daily Pivot Point R1	0.6311
Daily Pivot Point R2	0.6328
Daily Pivot Point R3	0.6344

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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