NZD/USD finds support near 0.6450, stages modest recovery

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The NZD/USD pair closed the fifth straight trading day in the negative territory on Thursday and extended its slide on Friday to touch its lowest level since early December at 0.6454. Although the pair staged a technical recovery ahead of the American session, it's still down 0.26% on the day at 0.6470.

Coronavirus fears weigh on antipodeans

China is having a difficult time containing the coronavirus outbreak and markets are concerned about the economic recovery, which has been gathering momentum in the last couple of months, losing strength. According to China's envoy to the UN, Zhang Jun, the death toll currently stands at 213 and the total number of confirmed coronavirus cases in 9.809 as of early Friday.

China-proxy antipodeans, the AUD and the NZD, have been staying under selling pressure since the start of the week and those currencies are unlikely to stage a decisive rebound unless investors are convinced that the spread of the coronavirus is contained.

The US economic docket on Friday will feature the Personal Consumption Expenditures (PCE) Price Index, Personal Income and Personal Spending data for December. Ahead of these releases, the US Dollar Index is down 0.12% on the day at 97.75.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6467
Today Daily Change -0.0026
Today Daily Change % -0.40
Today daily open 0.6493

 

Trends
Daily SMA20 0.6605
Daily SMA50 0.6586
Daily SMA100 0.6465
Daily SMA200 0.651

 

Levels
Previous Daily High 0.6532
Previous Daily Low 0.648
Previous Weekly High 0.663
Previous Weekly Low 0.658
Previous Monthly High 0.6756
Previous Monthly Low 0.6424
Daily Fibonacci 38.2% 0.65
Daily Fibonacci 61.8% 0.6512
Daily Pivot Point S1 0.6471
Daily Pivot Point S2 0.645
Daily Pivot Point S3 0.6419
Daily Pivot Point R1 0.6523
Daily Pivot Point R2 0.6554
Daily Pivot Point R3 0.6575