NZD/USD stays in lower half of weekly range below 0.6450


  • Business NZ PMI data from New Zealand disappoints.
  • US Dollar Index rises for the fourth straight day on Friday.
  • Housing Starts, Building Permits, and the UoM Consumer Confidence data from US coming up next.

The NZD/USD pair struggled to make a decisive recovery throughout the week and came under renewed selling pressure during the Asian session on Friday following the uninspiring Purchasing Managers Index (PMI) data from New Zealand. As of writing, the pair, which touched a daily low of 0.6426, was trading at 0.6435, losing 0.2% on a daily basis.

Manufacturing sector weakens in NZ

The data published by Business NZ came in at 48.2 in July to miss the market expectation of 51.8 and showed contraction in the business activity in the manufacturing sector.

Assessing the details of the report, "The employment measure fell by 4.6 points, the lowest levels since Aug 2016 and the new orders measure and the finished stocks measure fell by 3.5 points and 4.1 points respectively. Deliveries inched up 0.3%,” noted TD Securities analysts.

Meanwhile, the fact that the Greenback is preserving its recovery momentum this week makes it difficult for the pair to reverse its direction. Ahead of the University of Michigan's Consumer Confidence report and July Building Permits and Housing Starts data from the US, the US Dollar Index, which tracks the USD's value against a basket of six major currencies, is up 0.13% on the day and remains on track to post a weekly gain of more than 1%. 

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6432
Today Daily Change -0.0016
Today Daily Change % -0.25
Today daily open 0.6448
 
Trends
Daily SMA20 0.6568
Daily SMA50 0.6609
Daily SMA100 0.6624
Daily SMA200 0.6718
Levels
Previous Daily High 0.646
Previous Daily Low 0.6427
Previous Weekly High 0.659
Previous Weekly Low 0.6378
Previous Monthly High 0.6792
Previous Monthly Low 0.6543
Daily Fibonacci 38.2% 0.6447
Daily Fibonacci 61.8% 0.644
Daily Pivot Point S1 0.643
Daily Pivot Point S2 0.6412
Daily Pivot Point S3 0.6397
Daily Pivot Point R1 0.6463
Daily Pivot Point R2 0.6478
Daily Pivot Point R3 0.6496

 

 

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