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NZ dollar holds near early-June peak against US dollar

NZD/USD was around 0.5943 after a soft US retail sales report reduced expectations for a Fed rate hike next month.

Reported · Written up by our desk · Major Pairs

The New Zealand dollar remained close to its early-June high versus the US dollar, trading in the mid-0.5900s after touching its best level since early June, FXStreet reported.

FXStreet said the rebound was driven mostly by the US side, where a softer US retail sales report trimmed expectations for a Federal Reserve rate hike next month and weighed on the greenback.

The latest technical read from FXStreet pointed to NZD/USD holding above the 20-period and 100-period simple moving averages, with the pair pressing toward nearby overhead supply around 0.5947 and 0.5955.

For downside levels, FXStreet cited support around 0.5938 and 0.5935, and said deeper pullbacks would likely test the 20-period SMA near 0.5909 and the 100-period SMA near 0.5878.

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