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NZD/USD steadily climbs to over 1-week tops, around 0.6730 region

Written by By Haresh Menghani | 2020-09-15 07:44:39 GMT
  • NZD/USD continued gaining traction for the third consecutive session on Tuesday.
  • The optimism over a potential COVID-19 vaccine undermined the safe-haven USD.
  • The upside seems limited ahead of FOMC on Wednesday and Thursday’s NZD GDP.

The NZD/USD pair edged higher for the third consecutive session on Tuesday and climbed to 1-1/2-week tops, around the 0.6730 region during the early European session.

Following an early dip to the 0.6685 region, the pair caught some fresh bids and built on the last week's goodish bounce from the 0.6600 round-figure mark. The heavily offered tone surrounding the US dollar – amid the prevalent upbeat market mood – was seen as a key factor driving the NZD/USD pair higher.

The global risk sentiment got a strong boost after AstraZeneca resumed phase-3 clinical trials for its vaccine for the highly contagious coronavirus diseases. The risk-on flow picked up pace following the release of stronger-than-expected Chinese data, which further benefitted the perceived riskier kiwi and remained supportive.

Despite the supporting factors, the uptick lacked any strong bullish conviction as investors seemed reluctant ahead of the FOMC monetary policy decision on Wednesday. This makes it prudent to wait for some strong follow-through buying before positioning for any further near-term appreciating move for the NZD/USD pair.

This, along with the release of quarterly GDP report from New-Zealand on Thursday, influence the NZD/USD pair and help determine the next leg of a directional move. In the meantime, Tuesday's release of the Empire State Manufacturing Index and Industrial production data from the US will be looked upon for some short-term trading opportunities.

Technical levels to watch

NZD/USD

Overview
Today last price 0.6716
Today Daily Change 0.0015
Today Daily Change % 0.22
Today daily open 0.6701
 
Trends
Daily SMA20 0.6651
Daily SMA50 0.6622
Daily SMA100 0.6452
Daily SMA200 0.639
 
Levels
Previous Daily High 0.6719
Previous Daily Low 0.6661
Previous Weekly High 0.6724
Previous Weekly Low 0.6601
Previous Monthly High 0.6764
Previous Monthly Low 0.6488
Daily Fibonacci 38.2% 0.6697
Daily Fibonacci 61.8% 0.6683
Daily Pivot Point S1 0.6668
Daily Pivot Point S2 0.6636
Daily Pivot Point S3 0.6611
Daily Pivot Point R1 0.6726
Daily Pivot Point R2 0.6751
Daily Pivot Point R3 0.6784

 

 

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By Haresh Menghani
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