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NZD/USD finds resistance near 0.6900, starts consolidating daily gains

  • Trade optimism helps antipodeans stay strong.
  • US Dollar Index drops to 96.70 area.

The NZD/USD pair gained traction in the early trading hours of the Asian session and reached its highest level in 12 days at 0.6893 but struggled to preserve its bullish momentum. With markets quieting down in the last couple of hours amid the thin trading volume, the pair has gone into a consolidation phase and was last seen trading at 0.6872, adding 0.1% on the day.

Over the weekend, U.S. President Trump, via Twitter, said that big progress was being made on many different fronts in China trade talks ahead of this week’s round of negotiations in Washington and helped trade-sensitive currencies such as the AUD and NZD start the week on a positive note. Additionally, New Zealand PM Jacinda Arden told reporters that the relationship with New Zealand and China were ‘robust and mature’, to provide an additional boost to the kiwi.

On the other hand, the greenback struggled to recover the losses that it suffered in the second half of the previous week and supported the pair’s rally. However, with the trading volume thinning out in the second half of the day due to the President’s Day holiday in the U.S., the US Dollar Index steadied near the 96.70 level and didn’t allow the pair to continue to push higher.

On Tuesday, the RBA will publish the minutes of its last meeting and the AUD/USD pair’s reaction to the publication could be the next catalyst for the pair.

Key technical levels


    Today Last Price: 0.6872
    Today Daily change %: 0.10%
    Today Daily Open: 0.6865
    Daily SMA20: 0.6815
    Daily SMA50: 0.6789
    Daily SMA100: 0.6732
    Daily SMA200: 0.6753
    Previous Daily High: 0.6875
    Previous Daily Low: 0.6809
    Previous Weekly High: 0.6875
    Previous Weekly Low: 0.6719
    Previous Monthly High: 0.694
    Previous Monthly Low: 0.6516
    Daily Fibonacci 38.2%: 0.685
    Daily Fibonacci 61.8%: 0.6834
    Daily Pivot Point S1: 0.6824
    Daily Pivot Point S2: 0.6784
    Daily Pivot Point S3: 0.6758
    Daily Pivot Point R1: 0.689
    Daily Pivot Point R2: 0.6916
    Daily Pivot Point R3: 0.6956