The NZDUSD currency pair is trading at approximately 0.59079 and is holding steady around 0.5910 in anticipation of the upcoming release of macroeconomic data from the United States.

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• NZD/USD consolidates around 0.5910 ahead of the releases of US macroeconomic data.

The pair currently trades last at 0.59079.

The previous day high was 0.5939 while the previous day low was 0.5894. The daily 38.2% Fib levels comes at 0.5922, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.5911, expected to provide resistance.

NZD/USD treads water near 0.5910 to continue its winning streak, during the Asian session on Tuesday. The pair strengthened due to the retreating US Dollar (USD), following the gains in stocks from the United States (US) and Europe amid US Treasury yields dipped.

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, trades lower around 103.95 ahead of the US data releases. These datasets include Jolts Job Openings, Housing Price Index and Consumer Confidence later in the North American session.

Furthermore, the pullback in US Treasury yields is undermining the US Dollar (USD) due to the cautious mood after the US Federal Reserve (Fed) Chairman Jerome Powell advocated for supporting “higher for longer” interest rates at the Jackson Hole Symposium.

Positive sentiment linked to China is bolstering the NZD/USD pair, driven by Beijing’s implementation of fiscal measures to stimulate its economy. During the weekend, Chinese authorities decided to lower the stamp duty on stock trading by 0.1%. Moreover, investors’ attention is currently focused on the four-day trip of US Commerce Secretary Gina Raimondo to Beijing, aimed at strengthening commercial relationships between the United States and China.

The market participants will also likely monitor the other top-tier economic data releases including the US Core Personal Consumption Expenditures (PCE) Index, weekly Jobless Claims and Nonfarm Payrolls during the week. On the other side, New Zealand’s Building Permits and ANZ – Roy Morgan Consumer Confidence are due to be released as well. These data releases are expected to offer valuable insights into the economic outlook of both countries, potentially influencing trading decisions involving the NZD/USD pair.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5906 at the time of writing. Pair opened at 0.591 and is trading with a change of -0.07 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.5996, 50 SMA 0.6119, 100 SMA @ 0.6149 and 200 SMA @ 0.6226.

The previous day high was 0.5939 while the previous day low was 0.5894. The daily 38.2% Fib levels comes at 0.5922, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.5911, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.589, 0.5869, 0.5844
• Pivot resistance is noted at 0.5935, 0.596, 0.598

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