The NZDUSD pair has increased slightly from 0.59320 to 0.5940 following a positive growth figure.

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• NZD/USD edges higher to 0.5940 after an upbeat growth number.

The pair currently trades last at 0.59320.

The previous day high was 0.5948 while the previous day low was 0.5904. The daily 38.2% Fib levels comes at 0.5931, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5921, expected to provide support.

The NZD/USD pair recovers its recent losses around 0.5937 during the early Asian session on Thursday. The US Dollar Index (DXY) rose to 105.44 after retreating to 104.60 after the FOMC September meeting. Meanwhile, US Treasury yields surged, with the 10-year yield hitting 4.40%, the highest since 2007, and the 2-year yield reaching 5.17%, which was the highest since 2006. NZD/USD currently trades near 0.5938, up 0.17% on the day.

The Federal Reserve (Fed) maintained interest rates unchanged at the 5.25-5.50% range on Wednesday. Officials are convinced that they could lower inflation without damaging the economy or leading to massive job losses. According to the Fed’s updated quarterly projections, the benchmark overnight interest rate may be raised one more time this year to a peak 5.50% to 5.75% range, and rates may remain significantly tighter through 2024 than previously anticipated.

The latest data released by Statistics New Zealand revealed on Thursday that the New Zealand economy expanded 0.9% during the second quarter, following 0% in the previous reading. The market consensus was for a 0.5% expansion. On an annual basis, the second-quarter GDP expanded by 1.8%, compared with the 2.2% growth in Q1 while beating estimates of a 1.2% increase. In response to the better-than-expected data. the Kiwi reverses its Wednesday’s losses and acts as a tailwind the for NZD/USD pair.

Looking ahead, the US weekly Jobless Claims, the Philly Fed, and Existing Home Sales will be released on Thursday. Traders will digest the Fed meeting impact and take cues from these figures, which could give a clear direction to the NZD/USD pair.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.594 at the time of writing. Pair opened at 0.5936 and is trading with a change of 0.07 % .

The pair is trading above its 20 Daily moving average @ 0.5921, below its 50 Daily moving average @ 0.6043 , below its 100 Daily moving average @ 0.6106 and below its 200 Daily moving average @ 0.6195

The previous day high was 0.5948 while the previous day low was 0.5904. The daily 38.2% Fib levels comes at 0.5931, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5921, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5911, 0.5886, 0.5868
• Pivot resistance is noted at 0.5955, 0.5973, 0.5998

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