#NZDUSD @ 0.58456 falls back to near 0.5850 amid recovery in the US Dollar.

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• NZD/USD falls back to near 0.5850 amid recovery in the US Dollar.

The pair currently trades last at 0.58456.

The previous day high was 0.5859 while the previous day low was 0.5807. The daily 38.2% Fib levels comes at 0.5839, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5827, expected to provide support.

NZD/USD faces a sell-off near the 0.5880 resistance as the US Dollar rebounds strongly. The Kiwi asset retreats as investors rush to the US Dollar. The appeal for the US Dollar improves as investors shift focus to the crucial US economic readings this week.

The S&P500 opens on a bullish note as the market mood improves amid a delay in Israel’s ground assault plan in Gaza. However, a stock-specific action is widely expected as the third-quarter earnings season has kicked off. The US Dollar Index (DXY) climbs above 106.00 after the release of the US preliminary S&P Global PMI data for October.

S&P Global reported that the Manufacturing PMI kisses the 50.0 threshold for the first time since November 2022. The factory data at 50.0, outperformed expectations of 49.5 and September’s reading of 49.8. The Services PMI landed at 50.9, better than the consensus of 49.9 and the prior release of 50.1.

This week, the Q3 Gross Domestic Product (GDP) and core Personal Consumption Expenditure (PCE) price index data for September will be keenly watched. Economists expect the US economy to have grown by 4.2% on an annualized basis, doubling the growth rate of 2.1% in the former reading.

As per the estimates, annual core PCE decelerated to 3.7% against the former reading of 3.9%. On a monthly basis, the Fed’s preferred inflation gauge expanded at a higher pace of 0.3% vs. 0.1% growth recorded in August.

On the New Zealand Dollar front, investors hope that the Reserve Bank of New Zealand (RBNZ) is done with hiking interest rates as the economic recovery has faltered.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5846 at the time of writing. Pair opened at 0.5846 and is trading with a change of 0.0 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.5933, 50 SMA 0.5929, 100 SMA @ 0.6046 and 200 SMA @ 0.6147.

The previous day high was 0.5859 while the previous day low was 0.5807. The daily 38.2% Fib levels comes at 0.5839, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5827, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5815, 0.5785, 0.5763
• Pivot resistance is noted at 0.5867, 0.5889, 0.5919

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