NZD/USD trades at multi-month highs above 0.66


  • US is expected to announce a trade deal with China on Friday.
  • China is yet to officially confirm the agreement.
  • US Dollar Index consolidates losses below 97 ahead of Retail Sales data.

The NZD/USD pair capitalized on the broad-based USD weakness and climbed to its highest level since August at 0.6636 before going into a consolidation phase on Friday. As of writing, the pair was trading at 0.6617, adding 0.33% on a daily basis.

USD struggles to find demand

The sharp upsurge witnessed in the GBP/USD pair following Boris Johnson's big victory in the UK election caused the greenback to come under strong selling pressure. The US Dollar Index slumped to its lowest level since early July at 96.52 toward the end of the day on Thursday and is now staging a technical rebound ahead of the Retail Sales data from the US. At the moment, the index is up 0.12% on the day at 96.85. Other data releases from the US will include Import and Export Price Index and Business Inventories.

On the other hand, reports suggesting that the US and China have landed a phase-one trade deal to avoid Sunday's tariff hike provided an additional boost to the risk-sensitive antipodeans. Although China hasn't yet officially confirmed the deal yet, investors are expecting sides to make an announcement ahead of the weekend.

Meanwhile, the data from New Zealand showed that the Business NZ PMI fell to 51.4 in November from 52.6 but came in better than the market expectation of 49.8.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6618
Today Daily Change 0.0020
Today Daily Change % 0.30
Today daily open 0.6598
 
Trends
Daily SMA20 0.6475
Daily SMA50 0.6404
Daily SMA100 0.6401
Daily SMA200 0.6537
 
Levels
Previous Daily High 0.6601
Previous Daily Low 0.6574
Previous Weekly High 0.6576
Previous Weekly Low 0.6424
Previous Monthly High 0.6466
Previous Monthly Low 0.6321
Daily Fibonacci 38.2% 0.6591
Daily Fibonacci 61.8% 0.6584
Daily Pivot Point S1 0.6581
Daily Pivot Point S2 0.6564
Daily Pivot Point S3 0.6554
Daily Pivot Point R1 0.6608
Daily Pivot Point R2 0.6618
Daily Pivot Point R3 0.6635

 

 

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