The NZDUSD currency pair bounced back on Monday and closed the day slightly below 0.5970, following a drop to 0.5940.

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• The NZD/USD rebounded in Monday action, ending the day just south of 0.5970 after falling to 0.5940.

The pair currently trades last at 0.59665.

The previous day high was 0.599 while the previous day low was 0.5919. The daily 38.2% Fib levels comes at 0.5963, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5946, expected to provide support.

The NZD/USD is seeing some consolidation in the short term after slipping from the last swing high into 0.5985.

The Kiwi (NZD) has recovered 2% against the US Dollar (USD) from September’s lows near 0.5850, but remains firmly bearish, down over 7% from July’s peak near the 0.6400 handle.

With little data to drive the Kiwi on the economic calendar, market flows will be driven from the Greenback side.

Tuesday will bring US Housing Price Index growth for July, which is forecast to decline slightly from 0.3% to 0.1%. On Wednesday, US Durable Goods Orders for August are seen declining by 0.4%, but still an improvement on the previous month’s -5.2%.

High-impact data kicks off on Thursday with US Gross Domestic Product (GDP) numbers for the second quarter; annualized quarter-on-quarter GDP growth is expected to improve slightly from 2.1% to 2.3%.

Improving GDP growth figures could see further gains for the US Dollar if the numbers manage to meet or beat forecasts.

Thursday will also be bringing a speech from Federal Reserve (Fed) Chair Jerome Powell, followed by New Zealand’s only representation on the economic calendar this week with mid-tier consumer confidence figures.

The ANZ Roy Morgan Consumer Confidence survey index for September will be landing at 21:00 GMT on Thursday. The indicator last printed at 85 back in August.

The Kiwi-Dollar pair is slowly recovering on daily candlesticks, and the NZD/USD is currently pinned to the 34-day Exponential Moving Average (EMA). Overall trend momentum remains decidedly bearish, with current price action trading well below the 200-day Simple Moving Average (SMA) crossing below 0.6200.

If bears manage to regain control of the NZD/USD, prices will be set to break into new lows for the year, and little technical support would remain until last’s years lows near 0.5600.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5965 at the time of writing. Pair opened at 0.596 and is trading with a change of 0.08 % .

The pair is trading above its 20 Daily moving average @ 0.5922, below its 50 Daily moving average @ 0.6018 , below its 100 Daily moving average @ 0.6097 and below its 200 Daily moving average @ 0.6188

The previous day high was 0.599 while the previous day low was 0.5919. The daily 38.2% Fib levels comes at 0.5963, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5946, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5923, 0.5885, 0.5852
• Pivot resistance is noted at 0.5994, 0.6027, 0.6065

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