NZD/USD recovers above 0.67 amid USD weakness
- US Dollar Index stays near weekly lows below 96.50.
- Positive sentiment helps kiwi recovery its losses.
- Coming up: Trade balance and home sales data from the U.S.
The NZD/USD pair fell to its lowest level since early November at 0.6685 on Thursday but took advantage of the broad-based USD weakness and staged a modest rebound on Friday. As of writing, the pair was trading at 0.670.6718, adding 0.25% on a daily basis.
The markets' risk perception and the greenback's valuation stay as the drivers of the pair's price action this week. With the U.S. equity futures pointing to a strong start to the last day of the week, the risk-sensitive kiwi gathered strength. On the other hand, the US Dollar Index, which tested the 97 handle earlier this week, stays under pressure today to provide an additional boost to the pair.
In the early NA session, goods trade balance, new home sales & pending home sales, as well as the Chicago PMI will be released from the United States. Ahead of the data, the DXY is down 0.25% on the day at 96.35.
Technical levels to consider
Today Last Price: 0.6718
Today Daily change: 17 pips
Today Daily change %: 0.254%
Today Daily Open: 0.6701
Previous Daily SMA20: 0.6822
Previous Daily SMA50: 0.6751
Previous Daily SMA100: 0.667
Previous Daily SMA200: 0.6825
Previous Daily High: 0.6742
Previous Daily Low: 0.6693
Previous Weekly High: 0.6881
Previous Weekly Low: 0.6706
Previous Monthly High: 0.6887
Previous Monthly Low: 0.6514
Previous Daily Fibonacci 38.2%: 0.6712
Previous Daily Fibonacci 61.8%: 0.6723
Previous Daily Pivot Point S1: 0.6682
Previous Daily Pivot Point S2: 0.6663
Previous Daily Pivot Point S3: 0.6633
Previous Daily Pivot Point R1: 0.6731
Previous Daily Pivot Point R2: 0.6761
Previous Daily Pivot Point R3: 0.678