NZD/USD stays directed toward 0.6900 amid USD steady gains

NZD/USD treads water on Wednesday as it fails to capitalize on the previous session’s gains.
US Dollar Index near one-year high above 94.50 with fresh 0.22% gains.
Kiwi remains under pressure on mixed economic data, renewed COVID-19 outbreak, China data eyed.

Rekha Chauhan Independent Analyst

NZD/USD continues to grind lower on Wednesday in the Asian session. The buying pressure in the US dollar keeps NZD/USD edgy. At the time of writing, NZD/USD is trading at 0.6933, down 0.01% for the day,

The US Dollar Index (DXY), which measures the greenback performance against its six major rivals, trades at 94.50 near its highest since September 2020. The greenback attracts the capital flows on its safe-haven appeal amid risk-on sentiment and hawkish Fed member’s.

Fed Vice Chair Richard Clarida said that gradual taper concluding mid-2022 may soon be warranted as the economy has made substantial progress. In the same tune, both Atlanta Fed President Raphael Bostic and St. Louis Fed President James Bullard endorsed a November start.

On the other hand, Kiwi lost its momentum on reduced risk appetite among investors in the wake of the renewed COVID-19 restrictions and mixed economic data. In the latest development, the outlook for Auckland remains grim with the number of active new coronavirus cases jumping five-fold since a week ago.

On the economic data side, Food Inflation in New Zealand jumped 4% in September on yearly basis from 2.8 in the previous month.

As for now, all eyes are on the Chinese Export data, US Core Inflation data, and FOMC minutes to take fresh trading impetus.

NZD/USD additional levels

Overview
Today last price	0.6932
Today Daily Change	-0.0012
Today Daily Change %	-0.17
Today daily open	0.6944

Trends
Daily SMA20	0.699
Daily SMA50	0.7007
Daily SMA100	0.7035
Daily SMA200	0.7107

Levels
Previous Daily High	0.6965
Previous Daily Low	0.6916
Previous Weekly High	0.6984
Previous Weekly Low	0.6876
Previous Monthly High	0.7171
Previous Monthly Low	0.6859
Daily Fibonacci 38.2%	0.6946
Daily Fibonacci 61.8%	0.6935
Daily Pivot Point S1	0.6918
Daily Pivot Point S2	0.6893
Daily Pivot Point S3	0.687
Daily Pivot Point R1	0.6967
Daily Pivot Point R2	0.699
Daily Pivot Point R3	0.7015

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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