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  • NZD/USD recovers modestly on Friday.
  • Disappointing employment data weighs on the NZD this week.
  • US Dollar Index looks to post its highest weekly close of 2019.

The NZD/USD pair dropped to its lowest level in more than two weeks at 0.6730 earlier today before retracing a very small part of its weekly decline. As of writing, the pair was trading at 0.6748, staying unchanged on a daily basis.

Earlier this week, the disappointing labour market report from New Zealand, which revealed that the unemployment rate rose to 4.3% in the fourth quarter vs the analysts’ estimate of 4.1%, weighed on the kiwi while the broad-based USD strength didn’t allow the pair to make a decisive recovery. With the greenback going into a consolidation phase toward the end of the week, the US Dollar Index is virtually flat on the day near 96.60, staying on track to finishing the week more than 1% higher.

In addition to the dismal data from New Zealand, headlines surrounding the U.S. – China trade conflict and the heavy commodity sell-off this week put additional weight on the NZD’s shoulders. According to several news outlets, President Trump is not planning to meet his Chinese counterpart before the March 1 deadline, which revives the possibility of the U.S. continuing to impose tariffs on Chinese goods for a longer period than markets were hoping for.

Key technical levels

NZD/USD

Overview:
       Today Last Price:  0.6748
       Today Daily Open:  0.6751
Trends:
       Daily SMA20:  0.6817
       Daily SMA50:  0.6801
       Daily SMA100:  0.6723
       Daily SMA200:  0.6759
Levels:
       Previous Daily High:  0.6832
       Previous Daily Low:  0.6744
       Previous Weekly High:  0.6943
       Previous Weekly Low:  0.6816
       Previous Monthly High:  0.694
       Previous Monthly Low:  0.6516
       Daily Fibonacci 38.2%:  0.6778
       Daily Fibonacci 61.8%:  0.6798
       Daily Pivot Point S1:  0.6719
       Daily Pivot Point S2:  0.6688
       Daily Pivot Point S3:  0.6631
       Daily Pivot Point R1:  0.6807
       Daily Pivot Point R2:  0.6864
       Daily Pivot Point R3:  0.6895