#NZDUSD @ 0.58200 prints a daily high of 0.5869 before dropping to 0.5825, losing 0.30% amidst strong USD.

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• NZD/USD prints a daily high of 0.5869 before dropping to 0.5825, losing 0.30% amidst strong USD.

The pair currently trades last at 0.58200.

The previous day high was 0.5874 while the previous day low was 0.5828. The daily 38.2% Fib levels comes at 0.5846, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.5856, expected to provide resistance.

NZD/USD extended its losses during the North American session after printing a daily high of 0.5869, but market sentiment deterioration and a strong US Dollar (USD) dragged the exchange rate towards 0.5825, as the pair is losing 0.30%.

Risk aversion continued to dominate price action as the Greenback (USD) continued to climb, with the US Dollar Index (DXY) gaining 0.11%, up at 106.35, boosted by the Middle East conflict. Although Israel has not begun its ground offensive in Gaza, an escalation that could involve more participants besides Israel and Hamas looms.

Data-wise, the US economic docket featured New Home Sales, which surprisingly rose 12.3% MoM in September, crushing the prior month’s -8.2% contraction, the fastest pace since early 2022. This data, along with Tuesday’s S&P Global PMIs in the US, revealing that business activity is improving, underpins the Greenback as the chances for a soft-landing increase.

On the Kiwi front, news from China sponsored a leg-up in the NZD/USD towards its daily high, as President Xi Jinping visited the People’s Bank of China (PBoC), China’s central bank aimed to issue additional sovereign debt, as the country struggles to recover from the Covid-19 pandemic measures. Nevertheless, the recovery was short-lived as sentiment shifted sour.

After forming an ‘evening-star’ chart pattern, the NZD/USD is resuming its downward bias, though it remains shy of extending its downtrend past the October 23 low of 0.5807. A breach of the latter will expose the 0.588 figure, followed by the November 3, 2022, swing low of 0.5740. Conversely, if buyers reclaim the October 24 high at 0.5872, a challenge of the 0.5900 mark is on the cards.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5823 at the time of writing. Pair opened at 0.5844 and is trading with a change of -0.36 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.5927, 50 SMA 0.5927, 100 SMA @ 0.6044 and 200 SMA @ 0.6144.

The previous day high was 0.5874 while the previous day low was 0.5828. The daily 38.2% Fib levels comes at 0.5846, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.5856, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.5823, 0.5803, 0.5777
• Pivot resistance is noted at 0.5869, 0.5895, 0.5915

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