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NZD/USD steadies above 0.67 as markets quiet down

  • USD strength weighs on NZD/USD on Tuesday.
  • Markets wait for developments around U.S. - China trade talks.
  • US Dollar Index looks to finish the day in green, stays below 96.

The NZD/USD pair struggled to build on its recent gains on Tuesday and lost its traction as the greenback gathered strength against its rivals. After dropping to a 3-day low at 0.6708, the pair has gone into a consolidation phase and was last seen down 0.47% on the day at 0.6722.

Earlier in the day, the dismal performance of European currencies caused the market demand to shift toward the USD. Furthermore, a sharp increase seen in the T-bond yields supported the dollar's upsurge and the US Dollar Index retraced a major part of yesterday's fall. At the moment, the DXY is up 0.27% on the day at 95.92. The only data from the U.S. today showed that job openings in November came in at 6.9 million to fall short of the market expectation of 7.063 million.

Commenting on the data, "November was the 9th straight month with more job openings (JOLTS) 6.888 million than unemployed people 6.294 million.  This is the first occurrence in the 18-year history of the series," noted FXStreet senior analyst Joseph Trevisani.

On the other hand, the latest headlines surrounding the trade conflict between the U.S. and China showed that despite some progress, the sides were not ready to reach a deal yet. 

In the early trading hours of the Asian session, the ANZ will publish its December Commodity Price Index, which showed a decline of 0.6% in November. 

Technical levels to consider

NZD/USD

Overview:
    Today Last Price: 0.6722
    Today Daily change: -32 pips
    Today Daily change %: -0.474%
    Today Daily Open: 0.6754
Trends:
    Previous Daily SMA20: 0.676
    Previous Daily SMA50: 0.6775
    Previous Daily SMA100: 0.6679
    Previous Daily SMA200: 0.6806
Levels:
    Previous Daily High: 0.6768
    Previous Daily Low: 0.6728
    Previous Weekly High: 0.6843
    Previous Weekly Low: 0.6516
    Previous Monthly High: 0.697
    Previous Monthly Low: 0.6686
    Previous Daily Fibonacci 38.2%: 0.6753
    Previous Daily Fibonacci 61.8%: 0.6743
    Previous Daily Pivot Point S1: 0.6732
    Previous Daily Pivot Point S2: 0.671
    Previous Daily Pivot Point S3: 0.6692
    Previous Daily Pivot Point R1: 0.6772
    Previous Daily Pivot Point R2: 0.679
    Previous Daily Pivot Point R3: 0.6812

 

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