The NZDUSD currency pair reached its lowest point at 0.5903 since the month of November in the year 2022, when it was trading at 0.59376.

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• NZD/USD marked the low at 0.5903 since November, 2022.

The pair currently trades last at 0.59376.

The previous day high was 0.5994 while the previous day low was 0.5926. The daily 38.2% Fib levels comes at 0.5952, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.5968, expected to provide resistance.

NZD/USD continues its losing streak and has marked the low at 0.5903 during the Asian session on Thursday, a level not seen since November, 2022. Currently, the spot trades around 0.5930. Stronger United States (US) data could reinforce the downward pressure in the NZD/USD pair.

On the other side, softer economic data released from New Zealand could support the weakness in the NZD/USD pair. The data showed that Producer Price Index (PPI) – Input declined to -0.2% in the second quarter from 0.0% prior and PPI Output remained consistent at 0.2%, compared to 0.7% as expected.

On Wednesday, the Reserve Bank of New Zealand (RBNZ) maintained the current interest rate at 5.5%. This decision potentially affected the value of the New Zealand Dollar (NZD). Additionally, the NZD/USD pair is facing downward pressure due to China’s woes on economic overview. China’s economic performance is significant for China-proxy Kiwi, as it is a major trading partner of New Zealand.

US Dollar Index (DXY), which gauges the strength of the US Dollar (USD) against a basket of six major currencies, hovers around 103.40 during the early trades in the European session. Investors aim to gather extra momentum from upcoming US economic indicators to enhance their understanding of the possible interest rate hikes that the US Federal Reserve (Fed) might contemplate during its September meeting. These indicators are anticipated to offer a more distinct view of the situation, aiding investors in assessing the potential course of action by the Fed.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5927 at the time of writing. Pair opened at 0.5937 and is trading with a change of -0.17 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6103, 50 SMA 0.6158, 100 SMA @ 0.6176 and 200 SMA @ 0.6234.

The previous day high was 0.5994 while the previous day low was 0.5926. The daily 38.2% Fib levels comes at 0.5952, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.5968, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.5911, 0.5884, 0.5843
• Pivot resistance is noted at 0.5979, 0.602, 0.6047

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