#NZDUSD @ 0.58550 maintains a position above 0.5850 despite the upbeat US Dollar.

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• NZD/USD maintains a position above 0.5850 despite the upbeat US Dollar.

The pair currently trades last at 0.58550.

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 support. Similarly, the daily 61.8% fib level is at 0.5856, expected to provide resistance.

NZD/USD retraces recent losses, trading at around 0.5860 during the Asian session on Wednesday. The uptick is influenced by improved risk sentiment, with the postponement of Israel’s ground assault plan in Gaza contributing support to the pair.

Furthermore, the optimistic outlook is being reinforced by China’s intention to issue additional sovereign debt. Additionally, constructive dialogues between the United States and China during their initial economic working group meeting contributed to the positive sentiment.

However, the NZD/USD pair could face challenges as the situation in the Middle East created unease among investors due to the potential for escalation, which could lead to disruptions in the region. Moreover, diplomatic efforts are actively underway to ease tensions in the Israel-Hamas Gaza Strip conflict.

The US Dollar Index (DXY) rebounded from monthly lows, hovering around 106.20 on the back of upbeat preliminary S&P Global PMI figures from the United States released on Tuesday.

However, the downfall in US Treasury yields could provide downward pressure for the US Dollar (USD), with the 10-year yield standing at 4.81%.

US S&P Global Composite PMI exhibited growth in October, rising from 50.2 to 51.0. The Services PMI also saw an increase, reaching 50.9, and the Manufacturing PMI rose to 50.0. This marks the first time in the last six months that manufacturing has sustained a level above the 50-point threshold, signaling a positive shift in that sector.

Investors will likely monitor the US Q3 Gross Domestic Product (GDP) on Thursday. The US Core Personal Consumption Expenditures (PCE) and Kiwi’s ANZ – Roy Morgan Consumer Confidence will be eyed on Friday.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5857 at the time of writing. Pair opened at 0.5844 and is trading with a change of 0.22 % .

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 support. 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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