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NZD/USD stays in the negative territory near 0.7150, eyes on US data

  • NZD/USD fell to a daily low of 0.7132 on Wednesday.
  • US Dollar Index stays in a consolidation phase below 94.00.
  • Investors await Durable Goods Orders and Trade Balance data from US.

The NZD/USD pair came under modest bearish pressure in the early European session on Wednesday and declined to a daily low of 0.7132 before staging a rebound. As of writing, the pair was down 0.2% on a daily basis at 0.7155.

Focus shifts to US data, Wall Street

The data from New Zealand showed that the ANZ Business Confidence declined to -13.4 in October from -8.6 in September. Additionally, Statistics New Zealand reported that the trade deficit continued to expand in September. 

In addition to the disappointing data releases, the negative shift witnessed in market sentiment made it difficult for the risk-sensitive NZD to find demand. Moreover, escalating geopolitical tensions between the US and China seem to be having an impact on the pair's action. 

On the other hand, the US Dollar Index is staying in a consolidation phase a little below 94.00 on Thursday. The 1% decline seen in the benchmark 10-year US Treasury bond yield seems to be capping the greenback's gains. Later in the session, September Durable Goods Orders and Trade Balance data from the US will be looked upon for fresh impetus. 

In the meantime, US stock index futures are trading in the negative territory, suggesting that safe-haven flows could start to dominate the financial markets in the second half of the day.

Technical levels to watch for

NZD/USD

Overview
Today last price0.7154
Today Daily Change-0.0010
Today Daily Change %-0.14
Today daily open0.7164
 
Trends
Daily SMA200.7022
Daily SMA500.7026
Daily SMA1000.702
Daily SMA2000.7102
 
Levels
Previous Daily High0.7195
Previous Daily Low0.715
Previous Weekly High0.7219
Previous Weekly Low0.7049
Previous Monthly High0.7171
Previous Monthly Low0.6859
Daily Fibonacci 38.2%0.7178
Daily Fibonacci 61.8%0.7167
Daily Pivot Point S10.7144
Daily Pivot Point S20.7125
Daily Pivot Point S30.7099
Daily Pivot Point R10.7189
Daily Pivot Point R20.7215
Daily Pivot Point R30.7234

Author

Eren Sengezer

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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