The NZDUSD pair has risen slightly from 0.59207 to 0.5920, marking a 0.08% increase for the day.

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• NZD/USD edges higher to 0.5920, gaining 0.08% on the day.

The pair currently trades last at 0.59207.

The previous day high was 0.5938 while the previous day low was 0.5892. The daily 38.2% Fib levels comes at 0.591, expected to provide support. Similarly, the daily 61.8% fib level is at 0.592, expected to provide support.

The NZD/USD pair posts modest gains and trades in positive territory for the second consecutive day during the early Asian session on Tuesday. The modest uptick in the Kiwi (NZD) is supported by a weaker US Dollar (USD) as the markets anticipate that the Federal Reserve (Fed) to maintain the interest rate unchanged at its meeting on Wednesday.

In the quiet day of New Zealand’s economic docket, the headline surrounding China’s economic woes remains in focus. Any signs of an economic slowdown in China could drag the China-proxy Kiwi lower against the US Dollar and act as a headwind for the NZD/USD pair. Statistics New Zealand will release the nation’s Gross Domestic Product (GDP) for the second quarter on Thursday. The previous growth number came in at -0.1% and 2.2% on quarter and annual basis, respectively.

On the other hand, a Fed pause is widely expected, while keeping one more rate hike on the table. According to the CME Fedwatch tools, the Fed is not expected to surprise the markets, with the probability of keeping rates unchanged at 99%. The press conference by Fed Chairman Jerome Powell could offer hints about future interest rates path Any dovish stance from officials might trigger a decline in the US Dollar (USD).

Moving on, market participants will closely watch the Fed policy meeting on Wednesday at 18:00 GMT with the Fed widely expected to hold interest rates unchanged at 5.5%. The attention will shift to the press conference by Fed Chairman Jerome Powell at 18:30 GMT for some hints about the ‘dot plot’ and inflation expectations. Later this week, the New Zealand Gross Domestic Product (GDP) for the second quarter (Q2) will be due on Thursday. These figures could give a clear direction to the NZD/USD pair.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.592 at the time of writing. Pair opened at 0.5898 and is trading with a change of 0.37 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.5922, 50 SMA 0.6054, 100 SMA @ 0.6111 and 200 SMA @ 0.6199.

The previous day high was 0.5938 while the previous day low was 0.5892. The daily 38.2% Fib levels comes at 0.591, expected to provide support. Similarly, the daily 61.8% fib level is at 0.592, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5881, 0.5863, 0.5835
• Pivot resistance is noted at 0.5927, 0.5955, 0.5973

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