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NZD/USD advances to session tops near 0.6870 after GDT price index rises more than expected

  • US Dollar Index pulls away from daily lows.
  • Risk-on mood helps kiwi stay strong.
  • New Zealand's GDT price index rises by 1.9%.

After spending the European session moving sideways near the 0.6850 area, the NZD/USD gained traction in the early NA trading hours and touched its highest level of the day at 0.6872. As of writing, the pair is trading at 0.6867, adding 0.25% on a daily basis.

Earlier in the day, the Westpac Consumer Survey revealed that the consumer confidence deteriorated in New Zealand with the headline index falling to 103.8 in Q1 from 109.1. However, the upbeat market sentiment, as reflected by the strong gains seen in the major European stocks and Wall Street's positive start to the day, on Tuesday helped the kiwi gather strength and outperform the greenback. 

Additionally, the latest bi-weekly GDT auction yielded a 1.9% increase in the GDT price index to beat the market expectation of 0.1% and provided additional support to the NZD.

On the other hand, the greenback continues to have a difficult time attracting investors ahead of tomorrow's FOMC announcements, the US Dollar Index is posting daily losses for the seventh time in the last eight trading days. The only data from the U.S. today showed that factory orders increased by 0.1% in January to match December's reading but fell short of the analysts' estimate of 0.3%.

“Revisions to Fed’s econ projections are likely to be relatively small but we expect median forecast for policy rate path (‘the dot plots’) to shift from indicating two rate hikes in 2019 to unchanged rates,” SEB Bank analysts said in a recently published report.

Key technical levels

NZD/USD

Trends:
    Daily SMA20: 0.6832
    Daily SMA50: 0.6817
    Daily SMA100: 0.6796
    Daily SMA200: 0.674
Levels:
    Previous Daily High: 0.6875
    Previous Daily Low: 0.6839
    Previous Weekly High: 0.6874
    Previous Weekly Low: 0.679
    Previous Monthly High: 0.6943
    Previous Monthly Low: 0.6719
    Daily Fibonacci 38.2%: 0.6861
    Daily Fibonacci 61.8%: 0.6853
    Daily Pivot Point S1: 0.6836
    Daily Pivot Point S2: 0.682
    Daily Pivot Point S3: 0.68
    Daily Pivot Point R1: 0.6872
    Daily Pivot Point R2: 0.6892
    Daily Pivot Point R3: 0.6908

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