NZD/USD bounces for Monday, eyes on 0.6000

The NZD/USD rebounded in Monday action, ending the day just south of 0.5970 after falling to 0.5940.
The US Dollar remains well-bid across the broader market.
The economic calendar for this week is decidedly USD-heavy.

Joshua Gibson FXStreet

The NZD/USD is seeing some consolidation in the short term after slipping from the last swing high into 0.5985.

The Kiwi (NZD) has recovered 2% against the US Dollar (USD) from September's lows near 0.5850, but remains firmly bearish, down over 7% from July's peak near the 0.6400 handle.

With little data to drive the Kiwi on the economic calendar, market flows will be driven from the Greenback side.

Economic calendar sees all Greenback, little Kiwi for the week

Tuesday will bring US Housing Price Index growth for July, which is forecast to decline slightly from 0.3% to 0.1%. On Wednesday, US Durable Goods Orders for August are seen declining by 0.4%, but still an improvement on the previous month's -5.2%.

High-impact data kicks off on Thursday with US Gross Domestic Product (GDP) numbers for the second quarter; annualized quarter-on-quarter GDP growth is expected to improve slightly from 2.1% to 2.3%.

Improving GDP growth figures could see further gains for the US Dollar if the numbers manage to meet or beat forecasts.

Thursday will also be bringing a speech from Federal Reserve (Fed) Chair Jerome Powell, followed by New Zealand's only representation on the economic calendar this week with mid-tier consumer confidence figures.

The ANZ Roy Morgan Consumer Confidence survey index for September will be landing at 21:00 GMT on Thursday. The indicator last printed at 85 back in August.

NZD/USD technical outlook

The Kiwi-Dollar pair is slowly recovering on daily candlesticks, and the NZD/USD is currently pinned to the 34-day Exponential Moving Average (EMA). Overall trend momentum remains decidedly bearish, with current price action trading well below the 200-day Simple Moving Average (SMA) crossing below 0.6200.

If bears manage to regain control of the NZD/USD, prices will be set to break into new lows for the year, and little technical support would remain until last's years lows near 0.5600.

NZD/USD daily chart

NZD/USD technical levels

NZD/USD

Overview
Today last price	0.5965
Today Daily Change	0.0005
Today Daily Change %	0.08
Today daily open	0.596

Trends
Daily SMA20	0.5922
Daily SMA50	0.6018
Daily SMA100	0.6097
Daily SMA200	0.6188

Levels
Previous Daily High	0.599
Previous Daily Low	0.5919
Previous Weekly High	0.599
Previous Weekly Low	0.5894
Previous Monthly High	0.6219
Previous Monthly Low	0.5885
Daily Fibonacci 38.2%	0.5963
Daily Fibonacci 61.8%	0.5946
Daily Pivot Point S1	0.5923
Daily Pivot Point S2	0.5885
Daily Pivot Point S3	0.5852
Daily Pivot Point R1	0.5994
Daily Pivot Point R2	0.6027
Daily Pivot Point R3	0.6065

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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