NZD/USD flattens out near 0.6140 after testing 11-week high

Easing Greenback pressure gives Kiwi another leg into fresh highs.
Momentum remains thin as NZD rtaders grapple with a lack of data.
US GDP, PCE inflation prints to dominate the last half of the trading week.

Joshua Gibson FXStreet

NZD/USD eased back into the 0.6140 level in early Wednesday trading as Kiwi traders await a reason to move. The economic calendar is notably thin except for the NZ government’s latest Budget Release on Thursday, leaving NZD traders adrift until Friday’s speech from Reserve Bank of New Zealand (RBNZ) Governor Orr.

US data in the back half of the trading week will drive investor sentiment with an update to US quarterly Gross Domestic Product (GDP) and the latest print of Personal Consumption Expenditure (PCE) Price Index inflation.

Investors have been awaiting signs of movement from the Federal Reserve (Fed) on rate cuts, with markets broadly keeping an eye on a flurry of appearances from Fed officials in the early week. Broad-market hopes for rate cuts continue to wither against a cautious Fed, and rate markets are pricing in roughly even odds of a quarter-point rate trim from the Federal Open Market Committee (FOMC) in September.

NZD/USD technical outlook

The Kiwi is drifting into the high side against the Greenback this week, and the pair has closed in the green for four consecutive trading weeks. Despite recent upswings, the pair is hitting technical consolidation just north of the 200-day Exponential Moving Average (EMA) at 0.6070.

Bullish momentum may be hitting a wall on the NZD/USD with the Moving Average Convergence-Divergence (MACD) signal lines running far ahead of bullish histogram bars, implying buying pressure may be poised for a reversal.

NZD/USD daily chart

NZD/USD

Overview
Today last price	0.6141
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.6141

Trends
Daily SMA20	0.606
Daily SMA50	0.6006
Daily SMA100	0.6068
Daily SMA200	0.6045

Levels
Previous Daily High	0.6171
Previous Daily Low	0.6137
Previous Weekly High	0.6153
Previous Weekly Low	0.6083
Previous Monthly High	0.6079
Previous Monthly Low	0.5851
Daily Fibonacci 38.2%	0.615
Daily Fibonacci 61.8%	0.6158
Daily Pivot Point S1	0.6128
Daily Pivot Point S2	0.6116
Daily Pivot Point S3	0.6094
Daily Pivot Point R1	0.6162
Daily Pivot Point R2	0.6184
Daily Pivot Point R3	0.6196

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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