#NZDUSD @ 0.58114 rebounds from 0.5773 to 0.5807, despite lack of significant economic data from New Zealand.

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• NZD/USD rebounds from 0.5773 to 0.5807, despite lack of significant economic data from New Zealand.

The pair currently trades last at 0.58114.

The previous day high was 0.5872 while the previous day low was 0.58. The daily 38.2% Fib levels comes at 0.5828, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.5844, expected to provide resistance.

NZD/USD bounces off new year-to-date (YTD) lows reached at 0.5773 after US economic growth exceeded estimates, which could warrant additional tightening by the US Federal Reserve (Fed). Nevertheless, the pair made a U-turn and trades at 0.5807, gaining a decent 0.10%.

The US Commerce Department revealed that the economy in the United States (US) grew 4.9% in the above estimates of 4.3%, in the advance estimate. Additional data showed that Durable Goods Orders for September soared 4.7%, crushing the 1.7% consensus, and along with GDP’s data, could justify the Fed’s need for another rate hike.

Regarding US labor market data, the US Bureau of Labor Statistics (BLS) released the Initial Jobless Claims for the week ending October 21, which rose by 210K, above forecasts and last week{‘s 208K and 200K, respectively, portraying the jobs market is loosening.

On the New Zealand front, the lack of economic data left NZD/USD traders adrift to market sentiment and US Dollar dynamics. On the geopolitical sphere, words from Israeli Prime Minister Benjamin Netanyahu, suggesting they are preparing for a ground offensive, sent oil prices higher, along with safe-haven peers, like the Greenback.

Ahead of the week, the New Zealand economic agenda will feature the ANZ Roy organ Consumer Confidence. On the US front, the Fed’s preferred gauge for inflation, the Core Personal Consumption Expenditures (PCE) would be released, along with the Consumer Sentiment, reported by the University of Michigan.

The NZD/USD has reclaimed the 0.5800 figure, after hitting a new year-to-date (YTD) low at 0.5773. Even though the pair has recovered some ground, the downtrend remains intact but could be at risk, if buyers reclaim the 50-day moving average (DMA) At 0.5921. For a bearish continuation, the NZD/USD sellers need to break support at 0.5800, which would expose the YTD low, which once cleared, could open the door to test last November’s low of 0.5740, ahead of 0.5700.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5814 at the time of writing. Pair opened at 0.5802 and is trading with a change of 0.21 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.5921, 50 SMA 0.5924, 100 SMA @ 0.6041 and 200 SMA @ 0.6141.

The previous day high was 0.5872 while the previous day low was 0.58. The daily 38.2% Fib levels comes at 0.5828, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.5844, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.5777, 0.5753, 0.5705
• Pivot resistance is noted at 0.5849, 0.5897, 0.5921

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