The NZDUSD pair is currently trading at 0.59769 and is maintaining a positive stance around the 0.5980 level, which is an increase of 0.11% for the day.

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• NZD/USD holds a positive note around 0.5980, up 0.11% on the day.

The pair currently trades last at 0.59769.

The previous day high was 0.5997 while the previous day low was 0.5947. The daily 38.2% Fib levels comes at 0.5966, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5978, expected to provide resistance.

The NZD/USD pair gains momentum and edges higher to 0.5980 heading into the early European session on Wednesday. The pair bounces off the yearly low of 0.5930 following the Reserve Bank of New Zealand (RBNZ) monetary policy meeting earlier in the day.

Earlier on Wednesday, the Reserve Bank of New Zealand (RBNZ) kept the benchmark interest rates unchanged at 5.5%, as expected. RBNZ Governor Adrian Orr also offered a hawkish signal to rein in rising inflation expectations.

Nevertheless, investors still worry about China’s deteriorating economic outlook. The latest data on Wednesday revealed that the Chinese House Price Index for July fell to -0.1% versus 0% prior. The data raises concerns about a possible property crisis in China, particularly as big developer Country Garden Holdings struggles to meet its debt obligations. That said, the downbeat Chinese data might cap the upside of China-proxy Kiwi for the time being.

Across the pond, US Retail Sales came in above expectations. The headline figure climbed by 0.7% MoM, higher than the 0.4% estimated. Sales excluding the automobile sector came in at 1%, versus the expected 0.4%. Meanwhile, the NY Empire Manufacturing Index fell to -19 from -1. That said, stronger US data might convince the Federal Reserve (Fed) to hike additional rate by the end of the year. This, in turn, could boost the Greenback and act as a headwind for the NZD/USD pair.

Later in the day, the US Building Permits, Housing Starts, and Industrial Production will be released in the American trading hours. Market players will also take cues from RBNZ Governor Adrian Orr Speaks on Thursday. However, the FOMC minutes will be the key event this week and could give a clear direction to the NZD/USD pair.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5984 at the time of writing. Pair opened at 0.5951 and is trading with a change of 0.55 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.612, 50 SMA 0.616, 100 SMA @ 0.6179 and 200 SMA @ 0.6233.

The previous day high was 0.5997 while the previous day low was 0.5947. The daily 38.2% Fib levels comes at 0.5966, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5978, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.5933, 0.5915, 0.5883
• Pivot resistance is noted at 0.5983, 0.6015, 0.6033

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