While the markets are taking on risks, the bulls appear to have control over NZDUSD at 0.62424.
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- NZD/USD bulls are in charge still in risk-on markets.
The pair currently trades last at 0.62424.
The previous day high was 0.6244 while the previous day low was 0.6076. The daily 38.2% Fib levels comes at 0.618, expected to provide support. Similarly, the daily 61.8% fib level is at 0.614, expected to provide support.
NZD/USD is 0.2% higher in Tokyo after moving up from a low of 0.6228 to a high of 0.6245 in the session so far. The pair has tracked equities higher and has been supported by firmer commodities in the wake of a softer US dollar and risk-on sentiment.
Central bank divergence themes are in play and as analysts at ANZ Bank noted, ”a surging EUR in the wake of last night’s ECB hike (which was accompanied by a hawkish tone and plans to end QE in July) also helped.”
”If evidence is needed to show that the USD is doing all the grooving, one only needs to look at how in-step AUD and EUR were overnight,” the analysts added.
”The fall in first quarter Gross Domestic Product now means New Zealand carries the recession label; we see that as a downside risk to NZD sentiment even though the recession is technical and can be partly explained by one-offs. We also worry about the current account, going the other way, the USD has some unwinding of its own to do. Tricky,” the analysts concluded.
Technical Levels: Supports and Resistances
NZDUSD currently trading at 0.6244 at the time of writing. Pair opened at 0.6242 and is trading with a change of 0.03 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6244 |
| 1 | Today Daily Change | 0.0002 |
| 2 | Today Daily Change % | 0.0300 |
| 3 | Today daily open | 0.6242 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6114, 50 SMA 0.6179, 100 SMA @ 0.6221 and 200 SMA @ 0.6151.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6114 |
| 1 | Daily SMA50 | 0.6179 |
| 2 | Daily SMA100 | 0.6221 |
| 3 | Daily SMA200 | 0.6151 |
The previous day high was 0.6244 while the previous day low was 0.6076. The daily 38.2% Fib levels comes at 0.618, expected to provide support. Similarly, the daily 61.8% fib level is at 0.614, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.6131, 0.6019, 0.5963
- Pivot resistance is noted at 0.6299, 0.6355, 0.6467
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6244 |
| Previous Daily Low | 0.6076 |
| Previous Weekly High | 0.6143 |
| Previous Weekly Low | 0.6026 |
| Previous Monthly High | 0.6385 |
| Previous Monthly Low | 0.5985 |
| Daily Fibonacci 38.2% | 0.6180 |
| Daily Fibonacci 61.8% | 0.6140 |
| Daily Pivot Point S1 | 0.6131 |
| Daily Pivot Point S2 | 0.6019 |
| Daily Pivot Point S3 | 0.5963 |
| Daily Pivot Point R1 | 0.6299 |
| Daily Pivot Point R2 | 0.6355 |
| Daily Pivot Point R3 | 0.6467 |
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