• NZD/USD weighed by a stronger greenback and turn in risk appetite,
  • Risk soured overnight and the bird suffered as commodities fell.

NZD/USD is trading in early Asia at 0.6638 within a range of 0.6628 and 0.6719 from the overnight session.

It was a sour day for risk asset classes as sentiment fell over a cliff on Wednesday due to the concerns of the second wave of the around the spread of COVID-19 and subsequently renewed restrictions in Europe.  

Traders were awaiting the confirmation from France's Emanual Macron that the nation would be thrown back under lockdown for at least 4-weeks.

While the bird has little to do with such an event, nor is it related to the US elections, per see, it trades as a proxy to risk and what goes down in the commodity complex.

Commodities were pressured with a big drop in the price of oil which weighed heavily o the CRB index, still down some 2.6% at the time of writing. WTI is lower by over 4.20%.

''Equities have had a torrid night and that along with new lockdowns across many developed economies has brought on safe-haven buying of the USD,'' analysts at ANZ bank explained.

Kiwi to firm on covid spread divergence 

''The risk-aversion move is understandable but if global lockdown fears and broad concerns about the pandemic continuing to rage and New Zealand doing a better job at containing it, we’d expect the NZD to do better as it did in May,'' the analysts added.

The day ahead

Looking ahead for the day, there is the ANZ Business Outlook as well as NAB business confidence for Australia, and the Bank of Japan policy decision.  

NZD/USD levels

 

Overview
Today last price 0.6639
Today Daily Change -0.0070
Today Daily Change % -1.04
Today daily open 0.6709
 
Trends
Daily SMA20 0.6633
Daily SMA50 0.6643
Daily SMA100 0.6596
Daily SMA200 0.639
 
Levels
Previous Daily High 0.6726
Previous Daily Low 0.6672
Previous Weekly High 0.6705
Previous Weekly Low 0.6553
Previous Monthly High 0.6799
Previous Monthly Low 0.6511
Daily Fibonacci 38.2% 0.6705
Daily Fibonacci 61.8% 0.6693
Daily Pivot Point S1 0.6679
Daily Pivot Point S2 0.6648
Daily Pivot Point S3 0.6625
Daily Pivot Point R1 0.6733
Daily Pivot Point R2 0.6756
Daily Pivot Point R3 0.6787

 

 

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