Home NZD/USD climbs to session tops, 0.6900 mark back on sight
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NZD/USD climbs to session tops, 0.6900 mark back on sight

   “¢   Today’s upbeat NZ retail sales data helped build on Friday’s strong rebound.
   “¢   The prevalent USD selling bias/US-China trade optimism remains supportive.

The NZD/USD pair caught some fresh bids at the start of a new trading week and rallied back closer to last week’s swing high, near the 0.6880-85 region.

A combination of supporting factors helped the pair to build on Friday’s strong rebound from the very important 200-day SMA and continue gaining positive traction for the second consecutive session.  

With investors looking past the RBNZ’s hint over a possible interest rate cut, today’s upbeat NZ retail sales data prompted some follow-through short-covering move amid the prevalent US Dollar selling bias.

This coupled with the growing optimism over a possible resolution of the US-China trade disputes triggered a fresh bout of risk-on trade and provided an additional boost to perceived riskier currencies – like the Kiwi.

It would now be interesting to see if bulls are able to maintain their dominant position or once again fails ahead of the 0.6900 handle in absence of any major market moving economic releases from the US.

Meanwhile, a scheduled speech by the Fed Governor Richard Clarida might influence the USD price dynamics and will be looked upon to grab some short-term trading opportunities later during the North-American session.

Technical levels to watch


       Today Last Price:  0.688
       Today Daily change %:  0.51%
       Today Daily Open:  0.6845
       Daily SMA20:  0.6835
       Daily SMA50:  0.6788
       Daily SMA100:  0.6748
       Daily SMA200:  0.6751
       Previous Daily High:  0.6854
       Previous Daily Low:  0.6758
       Previous Weekly High:  0.6894
       Previous Weekly Low:  0.6758
       Previous Monthly High:  0.694
       Previous Monthly Low:  0.6516
       Daily Fibonacci 38.2%:  0.6817
       Daily Fibonacci 61.8%:  0.6795
       Daily Pivot Point S1:  0.6784
       Daily Pivot Point S2:  0.6723
       Daily Pivot Point S3:  0.6688
       Daily Pivot Point R1:  0.688
       Daily Pivot Point R2:  0.6915
       Daily Pivot Point R3:  0.6976


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