NZD/USD declined as the US Dollar revives, mixed Chinese data

The NZD/USD plunged to a daily low of 0.5930, down by 0.50%.
China reported mixed economic figures during the Asian session.
A strong US Dollar contributed to the downside.

Patricio Martín FXStreet

The NZD/USD saw downward movements in Tuesday's session, declining to 0.5930 with a daily loss of 0.50%. On the data front, China reported Trade Balance data while the US Dollar recovering ground is what pushed the pair downwards.

In line with that, after the US DXY Index closed a 1.40% weekly decline last Friday, the Greenback is gaining some traction driven by a cautious market mood and US yields recovering. In addition, markets are awaiting fresh catalysts to continue placing their bets on the next Federal Reserve (Fed) decisions and the focus is set on next week’s Consumer Price Index (CPI) figures from the US from October.

Ahead of Powell’s speech on Wednesday, several Fed officials were on the wires on Tuesday but didn’t provide any new insights on the bank's plans for the next monetary policy decisions.

On the other hand, China, a big trade partner of New Zealand, reported that Exports declined by more than 6% (YoY) in October, while Imports surged by 3% (YoY), but the data failed to trigger any movements on the Kiwi.

NZD/USD Levels to watch

The NZD/USD suggests a neutral to bearish technical outlook on the daily chart as bullish momentum wanes. The Relative Strength Index (RSI) points downwards above its midline, while the Moving Average Convergence (MACD) prints decreasing green bars. Additionally, the pair is above the 20-day Simple Moving Average (SMA), below the 100-day SMA, but above the 200-day SMA, implying that the bears remain in control on a broader scale.

Supports: 0.5915, 0.5900, 0.5880 (20-day SMA)
Resistances: 0.5960,0.6000 (100-day SMA), 0.6030.

NZD/USD Daily chart

NZD/USD

Overview
Today last price	0.5933
Today Daily Change	-0.0031
Today Daily Change %	-0.52
Today daily open	0.5964

Trends
Daily SMA20	0.5887
Daily SMA50	0.5916
Daily SMA100	0.6018
Daily SMA200	0.6117

Levels
Previous Daily High	0.6002
Previous Daily Low	0.596
Previous Weekly High	0.6005
Previous Weekly Low	0.5788
Previous Monthly High	0.6056
Previous Monthly Low	0.5772
Daily Fibonacci 38.2%	0.5976
Daily Fibonacci 61.8%	0.5986
Daily Pivot Point S1	0.5949
Daily Pivot Point S2	0.5933
Daily Pivot Point S3	0.5907
Daily Pivot Point R1	0.5991
Daily Pivot Point R2	0.6017
Daily Pivot Point R3	0.6033

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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