The NZDUSD currency pair remains steady at 0.5937, maintaining its position after rebounding from a low of 0.5860 last Thursday.
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- NZD/USD holds ground around 0.5937 after bouncing off the low of 0.5860 on Thursday.
The pair currently trades last at 0.59378.
The previous day high was 0.5958 while the previous day low was 0.5899. The daily 38.2% Fib levels comes at 0.5922, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5935, expected to provide support.
The NZD/USD pair remains confined above the 0.5900 psychological support level during the early European session on Thursday. As of writing, the pair is up 0.25% on the day to trade at 0.5937.
Risk aversion dominated markets as investors assessed the narrative of a higher for longer rate in the US against the growth risks posed by the possibility of an imminent US government shutdown. However, market participants will closely monitor this week’s speech by Federal Reserve (Fed) Chair Jerome Powell. The less hawkish tone of officials may limit the USD’s upside against its rivals.
About the data, the US Census Bureau reported on Wednesday that US Durable Goods Orders rebounded in August, climbing 0.2% MoM from the previous reading’s 5.6% drop, versus estimations of a 0.5% m/m drop. Furthermore, Durable Goods Orders Excluding Transportation grew by 0.4% m/m, above the 0.1% rise forecast. Core capital goods orders grew 0.9% from the previous month’s figure of 0.4%, above the market expectation of 0%.
Earlier Thursday, the National Bank of New Zealand revealed that the nation’s ANZ Business Confidence for September rose to 1.5 from a 3.7 decline in August. Additionally, the ANZ Activity Outlook improved to 10.9 in September from 11.2% in the previous reading. The market anticipates the Reserve Bank of New Zealand (RBNZ) to maintain the current monetary policy unchanged in next week’s policy meeting but expects the RBNZ would hike again in November’s meeting.
Apart from this, the fear of China’s property market woes exert some pressure on the China-proxy New Zealand Dollar (NZD). On Thursday, Reuters reported that China’s Evergrande Group Chairman Hui Ka Yan had been placed under police watch, raising fears about the cash-strapped developer’s future amid mounting liquidation risk. It’s worth noting that Evergrande is the world’s most indebted real estate developer, and it is at the heart of a property market crisis that is dragging down China’s economic development.
Moving on, traders will focus on the US weekly Jobless Claims data, the third revision of growth number for the second quarter, and Pending Home Sales data due later in the American session on Thursday. The Core Personal Consumption Expenditure (PCE) Price Index report will be in the spotlight on Friday. The annual figure is expected to ease from 4.2% to 3.9%. These figures could give a clear direction for the NZD/USD pair.
Technical Levels: Supports and Resistances
NZDUSD currently trading at 0.5941 at the time of writing. Pair opened at 0.5923 and is trading with a change of 0.3 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.5941 |
| 1 | Today Daily Change | 0.0018 |
| 2 | Today Daily Change % | 0.3000 |
| 3 | Today daily open | 0.5923 |
The pair is trading above its 20 Daily moving average @ 0.5921, below its 50 Daily moving average @ 0.5997 , below its 100 Daily moving average @ 0.6085 and below its 200 Daily moving average @ 0.6182
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.5921 |
| 1 | Daily SMA50 | 0.5997 |
| 2 | Daily SMA100 | 0.6085 |
| 3 | Daily SMA200 | 0.6182 |
The previous day high was 0.5958 while the previous day low was 0.5899. The daily 38.2% Fib levels comes at 0.5922, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5935, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.5895, 0.5868, 0.5836
- Pivot resistance is noted at 0.5954, 0.5986, 0.6013
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.5958 |
| Previous Daily Low | 0.5899 |
| Previous Weekly High | 0.5990 |
| Previous Weekly Low | 0.5894 |
| Previous Monthly High | 0.6219 |
| Previous Monthly Low | 0.5885 |
| Daily Fibonacci 38.2% | 0.5922 |
| Daily Fibonacci 61.8% | 0.5935 |
| Daily Pivot Point S1 | 0.5895 |
| Daily Pivot Point S2 | 0.5868 |
| Daily Pivot Point S3 | 0.5836 |
| Daily Pivot Point R1 | 0.5954 |
| Daily Pivot Point R2 | 0.5986 |
| Daily Pivot Point R3 | 0.6013 |
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