#NZDUSD @ 0.60515 is consolidating above 0.6050 as the market mood is quiet amid an extended weekend in the US economy. (Pivot Orderbook analysis)
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- NZD/USD is consolidating above 0.6050 as the market mood is quiet amid an extended weekend in the US economy.
- The US debt-ceiling raise will save the economy from reporting a default but will attract downgrade ratings from credit agencies.
- A power-pack action is anticipated from the USD Index, this week, amid the release of the Employment data.
The pair currently trades last at 0.60515.
The previous day high was 0.6097 while the previous day low was 0.6032. The daily 38.2% Fib levels comes at 0.6057, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6072, expected to provide resistance.
The NZD/USD pair is demonstrating a sideways performance above the immediate support of 0.6060 in the early Asian session. The Kiwi asset is expected to come out of the woods and display a sheer volatile action as United States markets will open today after an extended weekend.
S&P500 futures are holding decent gains as investors are optimistic that the US debt-ceiling issue will get passage in Congress before June 05. There is no denying the fact that the approval for the US debt-ceiling raise will save the economy from reporting a default but will attract downgrade ratings from credit agencies.
The US Dollar Index (DXY) is consistently facing barricades around 104.30. The upside in the USD index is capped due to approval for an increase in the US borrowing limit while the downside is being supported by expectations that the Federal Reserve (Fed) will hike interest rates further.
This week, the US Employment gamut will remain in the spotlight. On Wednesday, US JOLTS Job Openings data will be released. The economic data is seen falling to 9.35M vs. the prior release of 9.59M. This indicates that firms have slowed down their hiring process due to a bleak economic outlook. Later on, US Automatic Data Processing (ADP) Employment Change (May) will be in focus. As per the consensus, the US economy added fresh 170K jobs in May, lower than the prior addition of 269K.
On the New Zealand Dollar front, Caixin Manufacturing PMI (May) data will remain in the spotlight. The economic data is seen steady at 49.5. Factory activity in China seems failing to show a confident recovery despite the reopening of the economy after a strict lockdown period. A figure of 50.0 is considered a contraction in economic activities.
It is worth noting that New Zealand is one of the leading trading partners of China and a steady factory activity would weigh on the New Zealand Dollar.
Technical Levels: Supports and Resistances
NZDUSD currently trading at 0.6053 at the time of writing. Pair opened at 0.6046 and is trading with a change of 0.12 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6053 |
| 1 | Today Daily Change | 0.0007 |
| 2 | Today Daily Change % | 0.1200 |
| 3 | Today daily open | 0.6046 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6226, 50 SMA 0.6221, 100 SMA @ 0.6267 and 200 SMA @ 0.6153.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6226 |
| 1 | Daily SMA50 | 0.6221 |
| 2 | Daily SMA100 | 0.6267 |
| 3 | Daily SMA200 | 0.6153 |
The previous day high was 0.6097 while the previous day low was 0.6032. The daily 38.2% Fib levels comes at 0.6057, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6072, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.602, 0.5993, 0.5955
- Pivot resistance is noted at 0.6085, 0.6123, 0.615
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6097 |
| Previous Daily Low | 0.6032 |
| Previous Weekly High | 0.6303 |
| Previous Weekly Low | 0.6032 |
| Previous Monthly High | 0.6389 |
| Previous Monthly Low | 0.6111 |
| Daily Fibonacci 38.2% | 0.6057 |
| Daily Fibonacci 61.8% | 0.6072 |
| Daily Pivot Point S1 | 0.6020 |
| Daily Pivot Point S2 | 0.5993 |
| Daily Pivot Point S3 | 0.5955 |
| Daily Pivot Point R1 | 0.6085 |
| Daily Pivot Point R2 | 0.6123 |
| Daily Pivot Point R3 | 0.6150 |
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