NZD/USD makes new highs, holds below 0.6300

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  • NZD/USD sideways on Monday, maintains Friday’s gains.
  • US stocks fall, stay off recent lows.
  • US data: Unexpected contraction in the Empire Manufacturing index.

The NZD/USD rose to 0.6295 during the American session reaching the highest level since Thursday. The pair is rising as dollar strength pauses and amid lower US yields.

The Dow is down 0.27% but still holding most of Friday’s rally. Volatility has subsided and commodity prices are rising at the start of the week. The US dollar index remains sideways during the day, hovering around 104.50. Context offers support for NZD/USD, however not enough to push it above 0.6300.

Economic data released on Monday showed an unexpected drop in the US Empire Manufacturing Index. The numbers weigh modestly on the US dollar. The week’s key economic report, April retail sales, is due out on Tuesday.

Bearish trend intact, consolidating in the very short term

Last week, the NZD/USD bottomed at 0.6205, the lowest level in almost two years, and then started a recovery that weakened near 0.6300. In the short term, the pair is seen consolidating in a range between 0.6260 and 0.6295; and below the range 0.6260/0.6225.

The downtrend remains intact. To open the doors to more losses, the dollar needs to break below 0.6200. On the upside, a confirmed recovery above 0.6300 should point to more gains.

Technical levels

NZD/USD

Panorama
Last Price Today 0.631
Today’s Daily Change 0.0053
Today’s Daily Change % 0.85
Today’s Daily Opening 0.6257
Trends
20 Daily SMA 0.6502
50 Daily SMA 0.6727
100 Daily SMA 0.6728
200 Daily SMA 0.6855
levels
Previous Daily High 0.6291
Previous Daily Minimum 0.6218
Previous Maximum Weekly 0.6414
Previous Weekly Minimum 0.6217
Monthly Prior Maximum 0.7035
Previous Monthly Minimum 0.6451
Daily Fibonacci 38.2% 0.6263
Daily Fibonacci 61.8% 0.6246
Daily Pivot Point S1 0.6219
Daily Pivot Point S2 0.6182
Daily Pivot Point S3 0.6146
Daily Pivot Point R1 0.6292
Daily Pivot Point R2 0.6328
Daily Pivot Point R3 0.6365

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Source: Fx Street

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