The NZD/USD pair gains strong positive traction on the first day of a new week and rallies to over a two-week high, around the 0.5980-0.5985 region during the Asian session.
Against the backdrop of receding fears of an Israel-Iran war, the latest optimism over Israel-Hamas peace talks in Cairo boosts investors' appetite for riskier assets. This is evident from a generally positive tone around the equity markets, which prompts some selling around the safe-haven US Dollar (USD) and benefits the risk-sensitive Kiwi. That said, hawkish Federal Reserve (Fed) expectations should help limit any meaningful USD downfall and cap the upside for the NZD/USD pair.
Investors seem convinced that the US central bank will keep interest rates higher for longer amid still sticky inflation and the bets were reaffirmed by the release of the Personal Consumption Expenditures (PCE) Price Index on Friday. The hawkish outlook, meanwhile, remains supportive of elevated US Treasury bond yields and supports prospects for the emergence of some USD dip-buying, warranting some caution before positioning for any further appreciating move for the NZD/USD pair.
Traders might also prefer to wait on the sidelines ahead of the crucial two-day FOMC monetary policy meeting starting on Tuesday. Apart from this, investors this week will confront the release of important US macro data scheduled at the beginning of a new month, including the closely-watched Nonfarm Payrolls (NFP) on Friday. This, in turn, will play a key role in influencing the near-term USD price dynamics and help in determining the next leg of a directional move for the NZD/USD pair.
Overview | |
---|---|
Today last price | 0.5974 |
Today Daily Change | 0.0032 |
Today Daily Change % | 0.54 |
Today daily open | 0.5942 |
Trends | |
---|---|
Daily SMA20 | 0.5959 |
Daily SMA50 | 0.6045 |
Daily SMA100 | 0.6113 |
Daily SMA200 | 0.6047 |
Levels | |
---|---|
Previous Daily High | 0.597 |
Previous Daily Low | 0.5929 |
Previous Weekly High | 0.597 |
Previous Weekly Low | 0.5886 |
Previous Monthly High | 0.6218 |
Previous Monthly Low | 0.5956 |
Daily Fibonacci 38.2% | 0.5945 |
Daily Fibonacci 61.8% | 0.5954 |
Daily Pivot Point S1 | 0.5924 |
Daily Pivot Point S2 | 0.5906 |
Daily Pivot Point S3 | 0.5883 |
Daily Pivot Point R1 | 0.5965 |
Daily Pivot Point R2 | 0.5988 |
Daily Pivot Point R3 | 0.6006 |
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