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30 Oct 2020

NZD/USD consolidates recent losses above 0.6600 amid mixed clues

  • NZD/USD keeps bounce off one week low while attacking an intraday high around 0.6630.
  • Second-tier data from New Zealand came in positive, risk aversion continues.
  • Virus updates, stimulus headlines and political news in focus.

NZD/USD refreshes intraday high to 0.6632 as markets in Tokyo open for Friday’s trading. In doing so, the quote maintains the corrective pullback from the eight-day low flashed the previous day. While risk aversion keeps favoring the bears, recently published New Zealand (NZ) data might have helped the countertrend traders.

Among them, ANZ – Roy Morgan Consumer Confidence for October, 108.7 versus 100.0 prior, is the first one to try recalling the pair buyers. Following that the figures concerning the third quarter (Q3) Job Advertisements data from the Ministry of Business, Innovation & Employment, shared by Bloomberg, also backed the U-turn with -9.9% QoQ figures compared to -13% level for the second quarter (Q2).

Even so, fears of the US stimulus deadlock and the coronavirus (COVID-19) woes keep the risks heavy. As a result, S&P 500 Futures drop 0.80% intraday by the time of writing.

Read: Attention turning to the Fed in deadlock US stimulus talks

It’s worth mentioning that the pair followed the footsteps of other major currency pairs while refreshing the weekly lows yesterday, mainly backed by the broad US dollar strength. However, hopes that Jacinda Ardern-led party with help the NZ economy to combat the virus triggered the bounce during the late-US session.

Moving on, market players will have to observe the qualitative risk catalysts amid a light calendar ahead of the American open. This will highlight the pandemic fears, US election updates and stimulus news for near-term directions.

Technical analysis

An ascending trend line from September 24 joins 100-day SMA, at 0.6600 now, to restrict the pair’s immediate downside. Even so, buyers are less likely to be interested unless witnessing a clear break above Monday’s low of 0.6670.

 

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