NZD/USD peeps above 200-day MA
- Improved risk appetite is boding well for the NZD.
- The NZD/USD printed session highs above the 200-day MA soon before press time.
The NZD/USD has breached the 200-day MA of 0.6813 on the back of trade optimism and the resulting risk-on action in the equities.
The Asian stocks hit one-month highs and the offshore Chinese yuan rose to 5.5-month highs against the US dollar as US Treasury Secretary Mnuchin's comments that China's Vice Premier Liu may visit Washington for higher-level trade negotiations revived hopes of a breakthrough trade deal.
As a result, the kiwi dollar picked a bid below 0.68 in Asia and jumped to a session high of 0.6824 soon before press time.
The NZD/USD could extend the rally if the European stocks track Asian equities higher and Chinese yuan keeps or extends gains seen in Asia. Moreover, the Chinese currency is more likely to extend gains, as the record low on the USD/CNH (offshore yuan) risk reversals indicates that investors are adding bets to position for further weakness in the pair (strength in CNH).
NZD/USD Technical Levels
Today Last Price: 0.6824
Today Daily change: 44 pips
Today Daily change %: 0.649%
Today Daily Open: 0.678
Previous Daily SMA20: 0.6745
Previous Daily SMA50: 0.6787
Previous Daily SMA100: 0.6681
Previous Daily SMA200: 0.6799
Previous Daily High: 0.6799
Previous Daily Low: 0.6771
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%: 0.6782
Previous Daily Fibonacci 61.8%: 0.6788
Previous Daily Pivot Point S1: 0.6768
Previous Daily Pivot Point S2: 0.6755
Previous Daily Pivot Point S3: 0.674
Previous Daily Pivot Point R1: 0.6796
Previous Daily Pivot Point R2: 0.6811
Previous Daily Pivot Point R3: 0.6824