The NZDUSD pair at 0.60272 continues to rise following the release of average US data on Thursday.

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• NZD/USD extends gains after moderate US data released on Thursday.

The pair currently trades last at 0.60272.

The previous day high was 0.5974 while the previous day low was 0.5913. The daily 38.2% Fib levels comes at 0.5951, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5936, expected to provide support.

NZD/USD continues the winning streak for the second consecutive day, bidding higher around 0.6030 during the early European session on Friday. The NZD/USD pair is receiving upward support due to the correction in the US Dollar (USD) after the release of moderate economic data from the United States (US) on Thursday.

US Gross Domestic Product (GDP) remained consistent at 2.1% as expected. Initial Jobless Claims for the week ending on September 22, improved to 204K from the 202K prior, falling short of the 215K expected.

US Pending Home Sales showed a decline of 7.1%, exceeding the market expectation of a 0.8% fall, swinging from the 0.9% rise previously.

The US Dollar Index (DXY) continues to weaken, trading lower around 105.90. The volatility in US yields could affect the Greenback. The yield on the 10-year US Treasury bond stands at 4.55%.

Chicago Fed President Austan Goolsbee has expressed confidence in the Federal Reserve’s (Fed) ability to bring inflation back to its target. Goolsbee also highlighted the unique opportunity to achieve this without a recession, emphasizing the Fed’s commitment to managing inflation while sustaining economic growth.

Moreover, Richmond Fed President Thomas Barkin noted that recent inflation data has been positive but cautioned that it is too early to predict the future course of monetary policy.

Traders await the release of the US Core Personal Consumption Expenditure (PCE) Price Index, the Fed’s preferred measure of consumer inflation, scheduled for Friday. The anticipated reduction in the annual rate from 4.2% to 3.9% will be closely watched by market participants for its potential impact on the US Dollar.

On the Kiwi side, the ANZ reported New Zealand’s Roy Morgan Consumer Confidence for September released on Friday, showed a slight decrease to 86.4 figures from 85.0 in the previous reading. However, on, Thursday, ANZ Business Confidence for September rose to 1.5 from a 3.7 decline in August.

Reserve Bank of New Zealand (RBNZ) is expected to keep the current monetary policy unchanged in next week’s policy meeting, which could put pressure on the Kiwi pair.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6027 at the time of writing. Pair opened at 0.5961 and is trading with a change of 1.11 % .

The pair is trading above its 20 Daily moving average @ 0.5921, above its 50 Daily moving average @ 0.5992 , below its 100 Daily moving average @ 0.6081 and below its 200 Daily moving average @ 0.618

The previous day high was 0.5974 while the previous day low was 0.5913. The daily 38.2% Fib levels comes at 0.5951, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5936, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5925, 0.5888, 0.5864
• Pivot resistance is noted at 0.5986, 0.601, 0.6047

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