NZD/USD: Kiwi stuck near 0.5900 as bullish momentum proves fickle

  • Kiwi holding near the middle, set to finish Friday near where it started.
  • Market flows are firmly in the hands of the US Dollar.
  • Risk sentiment getting limited knock-on positive support from upbeat China outlook.

The NZD/USD is set to finish Friday on a slight downstep, trading into the 0.5900 level and unable to find some lift. 

With little meaningful momentum coming from the Kiwi (NZD) side of things, the NZD is fully exposed to broader market flows, leaving the Greenback (USD) to dictate the direction of the pair.

China data beats bolstering beleaguered Kiwi

Risk appetite is being supported by additional stimulus from China, bolstering the Antipodeans and putting a floor beneath any major declines. Official Chinese data showed that industrial production and retail sales figures rose faster than expected, providing further support for market sentiment heading into the weekend.

Market flows for the NZD/USD are notably leaning into the US Dollar side, and the direction is following the broader Dollar Index. The USD saw some hesitation after the University of Michigan (UoM) Sentiment Index missed expectations, slipping more than expected to 67.7 from 69.5. Inflation expectations also slid from 3.0% to 2.7%.

The USD is now catching some bids across the board as markets ease into the week's market close.

NZD/USD technical outlook

The Kiwi is constrained near the middle of price congestion that has become familiar territory for this trading week, caught in a rough near-term range between 0.5930 and 0.5890. 

Upside momentum will be constrained by the last swing high near 0.5980 on the daily candlesticks, which show the pair decidedly on the low end. Support is coming from September’s lows near 0.5860, and a further break to the downside sees little in the way of additional technical support.

The 50- and 100-day Simple Moving Averages (SMAs) are in a bearish decline, piled up at 0.6060 and 0.6120 respectively, and breaks above the 100-day SMA have struggled to sustain for some time in the NZD/USD pair.

NZD/USD daily chart

NZD/USD technical levels


Today last price 0.5904
Today Daily Change -0.0008
Today Daily Change % -0.14
Today daily open 0.5912
Daily SMA20 0.5923
Daily SMA50 0.606
Daily SMA100 0.6114
Daily SMA200 0.6202
Previous Daily High 0.5945
Previous Daily Low 0.5901
Previous Weekly High 0.5961
Previous Weekly Low 0.5847
Previous Monthly High 0.6219
Previous Monthly Low 0.5885
Daily Fibonacci 38.2% 0.5918
Daily Fibonacci 61.8% 0.5929
Daily Pivot Point S1 0.5894
Daily Pivot Point S2 0.5876
Daily Pivot Point S3 0.585
Daily Pivot Point R1 0.5938
Daily Pivot Point R2 0.5964
Daily Pivot Point R3 0.5982



Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content

Recommended content

Editors’ Picks

EUR/USD regains 1.0900 ahead of Powell speech

EUR/USD regains 1.0900 ahead of Powell speech

EUR/USD is recovering above 1.0900 in the European session on Monday. The pair finds demand, as the US Dollar rebound stalls. The focus remains on US politics and Fedspeak looking ahead.


GBP/USD holds below 1.3000, as focus shifts to Powell speech

GBP/USD holds below 1.3000, as focus shifts to Powell speech

GBP/USD pares losses but stays below 1.3000 in European trading on Monday. The US Dollar struggles after a positive start, as traders digest the assassination attempt on ex-US President Donald Trump. Powell's speech is next on tap for the pair. 


Gold price clings to gains near $2,400 on firm Fed rate-cut bets

Gold price clings to gains near $2,400 on firm Fed rate-cut bets

Gold price holds gains to near $2,400, driven by growing speculation for Fed rate cuts in September. Softer-than-expected US inflation for June indicated that price pressures are on course to return to 2%.

Gold News

Bitcoin price sets for a rally following a breakout above the descending trendline

Bitcoin price sets for a rally following a breakout above the descending trendline

On-chain data suggests that miners' selling activity is decreasing, indicating a bullish move ahead. US spot Bitcoin ETFs registered $1.047 billion in inflows last week. Bitcoin Coinbase Premium Gap is increasing, suggesting that whales are intensifying their accumulation.

Read more

Trump assassination attempt boosts his chances of winning November election

Trump assassination attempt boosts his chances of winning November election

Donald Trump got this close to being assassinated this weekend while he was giving a speech in an election rally. He was lucky that the bullet only grazed his ear, but he showed his resilience by demonstrating strength and defiance after being shot.

Read more