- NZD / USD posted modest recovery gains after Thursday’s sharp decline.
- The US Dollar Index remains relatively quiet around 90.50.
The pair NZD / USD It lost 100 pips on Thursday and hit its lowest level in three weeks at 0.7126. Ahead of the release of key macro data on Friday, the pair is making a technical correction and was last seen rising 0.2% on the day at 0.7157.
The renewed strength of the USD on Thursday caused the NZD / USD to fall sharply. Upbeat macroeconomic data from the US and rising US Treasury yields gave the dollar a boost and the US dollar index gained 0.65% on the day.
ISM’s Services PMI and Markit’s Services PMI rose to new series highs in May and the Automatic Data Processing Research Institute (ADP) reported that private sector employment increased by 978,000, compared to the analysts’ estimate of 650,000.
Market participants will also keep an eye on the hourly average earnings data. The revival of inflation concerns this week fueled a rebound in 10-year US Treasury yields and a similar market reaction is likely to help the dollar continue to gain strength before the weekend.
Technical levels
NZD / USD
| Panorama | |
|---|---|
| Today’s Last Price | 0.7139 |
| Today’s Daily Change | -0.0007 |
| Today’s Daily Change% | -0.10 |
| Today’s Daily Opening | 0.7146 |
| Trends | |
|---|---|
| SMA of 20 Daily | 0.723 |
| SMA of 50 Daily | 0.7164 |
| SMA of 100 Daily | 0.7181 |
| 200 SMA Daily | 0.7017 |
| Levels | |
|---|---|
| Daily Previous Maximum | 0.7242 |
| Daily Previous Minimum | 0.7126 |
| Weekly Preview Maximum | 0.7317 |
| Weekly Prior Minimum | 0.7158 |
| Monthly Previous Maximum | 0.7317 |
| Minimum Previous Monthly | 0.7115 |
| Daily Fibonacci 38.2% | 0.717 |
| Daily Fibonacci 61.8% | 0.7197 |
| Daily Pivot Point S1 | 0.71 |
| Daily Pivot Point S2 | 0.7055 |
| Daily Pivot Point S3 | 0.6984 |
| Daily Pivot Point R1 | 0.7217 |
| Daily Pivot Point R2 | 0.7288 |
| Daily Pivot Point R3 | 0.7333 |
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