NZD/USD capitalizing on softer Greenback, pushing into 0.5850

The NZD/USD is seeing a rebound amidst a broad-market US Dollar selloff.
Market risk appetite saw a resurgence on Monday.
Early Tuesday sees China data, which could bolster Antipodeans.

Joshua Gibson FXStreet

The NZD/USD is seeing its best trading day in a month, climbing from an eleven-month low into 0.5850 for Monday.

Late Tuesday sees New Zealand unemployment rate, followed by a speech from Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr.

Before that, China's October Manufacturing Purchasing Managers' Index (PMI) is expected to print in expansion territory for the second month in a row, forecast to come in at 50.2. The Non-Manufacturing sector PMI is likewise expected to improve from 51.7 to 51.8.

On the Greenback side, USD traders will be looking ahead to the midweek's Federal Reserve (Fed) rate call.

NZD/USD Technical Outlook

The Kiwi's Monday lift into 0.5850 still sees the NZD/USD woefully beaten into bear country on the daily candlesticks, with the pair trading well lower against the last swing high into 0.6050, with prices continuing to decline against the 50-day Simple Moving Average (SMA) currently declining towards 0.5900.

Long-term, the 200-day SMA is turning increasingly bearish, accelerating into chart territory south of 0.6150, and a downside continuation for the Kiwi will see the pair setting new lows for the year and testing bids not seen since October of 2022.

NZD/USD Daily Chart

NZD/USD Technical Levels

NZD/USD

Overview
Today last price	0.5845
Today Daily Change	0.0035
Today Daily Change %	0.60
Today daily open	0.581

Trends
Daily SMA20	0.5905
Daily SMA50	0.592
Daily SMA100	0.6035
Daily SMA200	0.6134

Levels
Previous Daily High	0.5844
Previous Daily Low	0.5805
Previous Weekly High	0.5874
Previous Weekly Low	0.5772
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.582
Daily Fibonacci 61.8%	0.5829
Daily Pivot Point S1	0.5795
Daily Pivot Point S2	0.5781
Daily Pivot Point S3	0.5756
Daily Pivot Point R1	0.5834
Daily Pivot Point R2	0.5859
Daily Pivot Point R3	0.5874

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.

AUD/USD falters just above 0.7000; looks at the jobs data

AUD/USD has briefly managed to surpass the 0.7000 threshold on Wednesday, although the move rapidly dissipated following higher-than-estimated US inflation data in September, which has eventually lent extra legs to the Greenback. Moving forward, the release of the labour market report will take centre stage in Australia on Thursday.

USD/JPY consolidates near 158.50; looks to US CPI for fresh impetus

USD/JPY stays range-bound near 158.50 in the Asian session on Wednesday, with looming intervention risks supporting the Japanese Yen and capping upside amid a softer US Dollar. However, geopolitical uncertainties act as a tailwind for the safe-haven USD and the pair. Traders also seem hesitant ahead of the release of the latest US inflation figures.

Gold remains offered below $4,100

Gold adds to the weekly bearish tone and slips back below the $4,100 mark per troy ounce on Wednesday. Indeed, the precious metal continues to suffer the stronger US Dollar and rising US Treasury yields as bets for extra tightening by the Fed remain on the rise following US inflation figures.

Bitcoin and Gold Forecast: BTC and XAU drop after hot US CPI

Bitcoin (BTC) is edging lower toward $82,000 on Wednesday as headwinds from sticky inflation in the United States (US) force investors to reevaluate their positioning. Gold (XAU/USD) remains under sustained selling pressure, trading below $4,100 and falling for a third consecutive day. As the correction intensifies, a retest of key $4,000 support appears likely unless bearish momentum abates.

Stock futures just went red on the CPI. Here's what the bond market is pricing that equities haven't caught up to

Since late June, the bond market has been pricing in a Federal Reserve (Fed) that keeps raising rates into 2027, and most US stocks have already been marked down for it. The S&P 500 hasn't, because a handful of AI-linked giants make up much of the index and their prices haven't followed the rest.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?