In the early Asian session on Tuesday, NZDUSD at 0.61041 does not have a clear intraday trend.

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• NZD/USD lacks any firm intraday direction in the early Asian session on Tuesday.

The pair currently trades last at 0.61041.

The previous day high was 0.6133 while the previous day low was 0.607. The daily 38.2% Fib levels comes at 0.6109, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6094, expected to provide support.

The NZD/USD pair moves sideways above the 0.6100 area in the early Asian session. Markets turn cautious as investors await the Chinese Trade Balance data due on Tuesday. The pair currently trades around 0.6104, down 0.04% for the day.

The US Dollar faces some follow-through selling as the July labour data in the US was mixed. The US Nonfarm Payrolls rose 187,000 in July, worse than expected by 200,000. The Unemployment Rate fell to 3.5% from 3.6%. The annual wage inflation, as measured by changes in Average Hourly Earnings, came in at 4.4%, higher than the market estimation of 4.2%. Additionally, Total consumer credit increased by $17.85 billion in June, rising from $4,979.2 billion to $4,997.1 billion, above market estimates of a $13 billion gain.

Atlanta Federal Reserve (Fed) Governor Michelle Bowman indicated that additional rate hikes will likely be required to return inflation to target levels, per Reuters. Meanwhile, the President of the New York Fed, John C. Williams, anticipated that interest rates would continue to decline in the coming year.

On the other hand, New Zealand’s economic calendar won’t release any top-tier data this week. The Kiwi is impacted by a decline in crude oil prices. The main focus will be on Chinese data due in the early Asian session on Tuesday. The figure could trigger volatility in the Kiwi.

Looking ahead, market participants will watch the US Consumer Price Index (CPI) for July, which is due on Thursday. Market expectations anticipate a 0.2% monthly increase. Also, the US Produce Price Index (PPI) will be released on Friday. The inflation data could significantly impact the US Dollar’s dynamic and give the NZD/USD pair a clear direction.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6103 at the time of writing. Pair opened at 0.6084 and is trading with a change of 0.31 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6215, 50 SMA 0.6165, 100 SMA @ 0.6193 and 200 SMA @ 0.6228.

The previous day high was 0.6133 while the previous day low was 0.607. The daily 38.2% Fib levels comes at 0.6109, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6094, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6058, 0.6033, 0.5995
• Pivot resistance is noted at 0.6122, 0.6159, 0.6185

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