NZD/USD consolidates daily gains, trades around 0.6430

Upbeat data from New Zealand provides a boost to NZD.
US Dollar Index extends sideways grind near 98.30.
Market action is expected to remain subdued on Thursday.

Eren Sengezer FXStreet

The NZD/USD pair gained traction during the Asian trading hours as the upbeat macroeconomic data releases from New Zealand allowed the NZD to gather strength against its major rivals. With the trading volume thinning out due to the Thanksgiving Day holiday in the US, the pair is consolidating its gains and was last seen trading at 0.6430, adding 0.17% on a daily basis.

Business sentiment improves in NZ

The data published by Australia and New Zealand Banking Group (ANZ) on Thursday showed the Business Confidence Index rose to -26.4 in November from -42.4 and came in better than the market expectation of -30.8. Additionally, the Activity Outlook Index rebounded to 12.9% from -35% to provide an additional boost to the kiwi.

Meanwhile, US President Donald Trump signed the Hong Kong human rights bill to further escalate the geopolitical tensions with China and capped the pair's gains.

On the other hand, after rallying to a fresh two-week high of 98.44 on the back of the strong third-quarter Gross Domestic Product (GDP) growth, which rose to 2.1% in the second estimate from 1.9%, on Wednesday, the US Dollar Index retraced its gains and returned to 98.30 area, causing the pair to stay stuck in its daily range.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.6427
Today Daily Change	0.0006
Today Daily Change %	0.09
Today daily open	0.6421

Trends
Daily SMA20	0.6393
Daily SMA50	0.635
Daily SMA100	0.6422
Daily SMA200	0.6553

Levels
Previous Daily High	0.6434
Previous Daily Low	0.6413
Previous Weekly High	0.6438
Previous Weekly Low	0.6362
Previous Monthly High	0.6437
Previous Monthly Low	0.6204
Daily Fibonacci 38.2%	0.6421
Daily Fibonacci 61.8%	0.6426
Daily Pivot Point S1	0.6411
Daily Pivot Point S2	0.6402
Daily Pivot Point S3	0.639
Daily Pivot Point R1	0.6432
Daily Pivot Point R2	0.6444
Daily Pivot Point R3	0.6453

Author

Eren Sengezer

FXStreet

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.

EUR/USD looks weak below 1.1800

EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.