NZD/USD extends its upside around the mid-0.6000s, US data eyed

NZD/USD gains ground around the mid-0.6000s in early Wednesday.
FOMC members are still concerned that inflation will remain persistent or further rise.
New Zealand Dollar (NZD) upside is supported by the optimism over the outlook for China.
US Jobless Claims, Durable Goods Orders, and the University of Michigan Consumer Sentiment survey will be due on Wednesday.

Lallalit Srijandorn FXStreet

The NZD/USD pair holds positive ground for the fourth straight day during the early Asian session on Wednesday. The weaker US Dollar (USD) and US Treasury bond yields lend some support to the NZD/USD. The pair currently trades near 0.6054, getting 0.05% for the day.

On Tuesday, New Zealand’s Trade Balance came in at $-14.81B YoY in October versus $-15.41B prior. Meanwhile, the nation’s Exports improved to $5.40B in October versus $4.77B prior while Imports dropped to $7.11B from $7.20B in previous readings.

Furthermore, the New Zealand Dollar (NZD) upside is supported by the optimism over the outlook for China, its major trading neighbor. The People's Bank of China (PBOC) official reaffirmed their commitment to provide more policy support to the country's struggling real estate sector.

On the USD front, the Federal Open Market Committee (FOMC) members are still concerned that inflation will remain persistent or further rise. Participants continued to judge that monetary policy needed to remain restrictive enough to bring inflation down to the Committee's target of 2%. The markets anticipate that the Fed is done with the hiking cycle and the Fed funds futures market is pricing in rate cuts beginning in May 2024. This, in turn, drags the USD lower and acts as a tailwind for the NZD/USD pair.

Market participants will keep an eye on the US weekly Jobless Claims, Durable Goods Orders, and the University of Michigan Consumer Sentiment survey on Wednesday. Later this week, the US market will be closed on Thursday for the Thanksgiving holiday. On Friday, the New Zealand Retail Sales for the third quarter (Q3) and the US S&P Global PMI data will be released.

NZD/USD

Overview
Today last price	0.6053
Today Daily Change	0.0002
Today Daily Change %	0.03
Today daily open	0.6051

Trends
Daily SMA20	0.592
Daily SMA50	0.5925
Daily SMA100	0.5998
Daily SMA200	0.6094

Levels
Previous Daily High	0.6086
Previous Daily Low	0.6029
Previous Weekly High	0.6055
Previous Weekly Low	0.5863
Previous Monthly High	0.6056
Previous Monthly Low	0.5772
Daily Fibonacci 38.2%	0.6064
Daily Fibonacci 61.8%	0.6051
Daily Pivot Point S1	0.6024
Daily Pivot Point S2	0.5998
Daily Pivot Point S3	0.5967
Daily Pivot Point R1	0.6082
Daily Pivot Point R2	0.6113
Daily Pivot Point R3	0.6139

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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