NZD/USD steady above 0.6650, bounces back to 0.6680 area 0.6680


  • NZD/USD bounces up from 0.6650 and returns to 0.6680 area.
  • Kiwi appreciates more than 1% this week with the USD on the defensive.
  • NZD/USD remains supported by global sentiment – Westpac.

 

New Zealand dollar’s bearish reversal from one-month highs above 0.6700 seen on the early US session found support at 0.6650 area and the pair picked up again to return to the 0.6680 area approaching the weekly close.

The kiwi appreciates with the US dollar pulling down

The NZD has been going through a solid rally over the last three days. The pair bounced up week lows at 0.6550, and is on track to close the week with gains beyond 1%.

Kiwi's uptrend was halted earlier today, as the pair retreated from multi-week highs above 0.6700 with the US dollar going through a modest recovery as risk appetite faltered during the early US session. NZD, however, managed to come back later on, with the US resuming its near-term downtrend.

The US dollar has been trading on a weak footing this week with investors cautious amid the uncertainty about the US elections and mixed news coming from the US stimulus negotiations. The upbeat US PMI data seen earlier today has been practically unnoticed and the USD has lost more than 1% against a basket of the most traded currencies this week.

NZD/USD remains supported by global sentiment – Westpac

The Westpac FX analysis team sees the New Zealand dollar buoyed by the near-term global sentiment: “NZD/USD remains supported near-term by global sentiment, such that a test of 0.6700 during the next few days is possible (…) Global influences should dominate domestic surprises such as today’s weaker-than-expected CPI inflation data. While the data surprise supports the RBNZ’s view that much more work needs to be done to drive inflation towards target, markets have already priced a large OCR cut next year so the NZD/USD impact of today’s news is likely to be minor.”

Key levels to watch

NZD/USD

Overview
Today last price 0.6688
Today Daily Change 0.0012
Today Daily Change % 0.18
Today daily open 0.6676
 
Trends
Daily SMA20 0.6613
Daily SMA50 0.6635
Daily SMA100 0.6591
Daily SMA200 0.6389
 
Levels
Previous Daily High 0.6689
Previous Daily Low 0.6632
Previous Weekly High 0.6683
Previous Weekly Low 0.6576
Previous Monthly High 0.6799
Previous Monthly Low 0.6511
Daily Fibonacci 38.2% 0.6667
Daily Fibonacci 61.8% 0.6654
Daily Pivot Point S1 0.6642
Daily Pivot Point S2 0.6609
Daily Pivot Point S3 0.6585
Daily Pivot Point R1 0.6699
Daily Pivot Point R2 0.6723
Daily Pivot Point R3 0.6756

 

 

 

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