NZD/USD drops to daily low at 0.6170 ahead of US Pres. Trump's presser

by

The NZD/USD pair capitalized on the broad-based USD weakness and surged to its highest level since March 12th at 0.6241. However, the risk-averse environment in the second half of the day forced the pair to make a sharp U-turn. As of writing, the pair was slightly above the daily low it set at 0.6170, losing 0.42% on the day.

Earlier in the day, the US Dollar Index (DXY), which closed the previous three days in the negative territory, extended its slide and touched its lowest level in more than two months at 97.95.

Eyes on US President Trump's press conference

The report published by the US Bureau of Economic Analysis on Friday showed that Personal Spending fell by 13.6% on a monthly basis in April. Moreover, the core Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred gauge of inflation, fell to 1% on a yearly basis from 1.7%. Nevertheless, these data was largely ignored by the market participants.

Later in the American session, the cautious mood on worries over US-China tensions helped the greenback recovery its losses. At the moment, the DXY is virtually unchanged on the day at 98.50. According to a Bloomberg reporter's tweet, US President Trump is weighing sanctions that target China's financial sector. Investors are waiting eagerly for Trump's press conference at 1800 GMT.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.618
Today Daily Change -0.0032
Today Daily Change % -0.52
Today daily open 0.6212

 

Trends
Daily SMA20 0.6083
Daily SMA50 0.602
Daily SMA100 0.6201
Daily SMA200 0.6317

 

Levels
Previous Daily High 0.6229
Previous Daily Low 0.617
Previous Weekly High 0.6159
Previous Weekly Low 0.5927
Previous Monthly High 0.6176
Previous Monthly Low 0.5843
Daily Fibonacci 38.2% 0.6206
Daily Fibonacci 61.8% 0.6192
Daily Pivot Point S1 0.6178
Daily Pivot Point S2 0.6144
Daily Pivot Point S3 0.6119
Daily Pivot Point R1 0.6237
Daily Pivot Point R2 0.6263
Daily Pivot Point R3 0.6297