NZD/USD peeps above 200-day MA

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  • 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

NZD/USD

Overview:
    Today Last Price: 0.6824
    Today Daily change: 44 pips
    Today Daily change %: 0.649%
    Today Daily Open: 0.678
Trends:
    Previous Daily SMA20: 0.6745
    Previous Daily SMA50: 0.6787
    Previous Daily SMA100: 0.6681
    Previous Daily SMA200: 0.6799
Levels:
    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

 

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