NZD/USD looking for topside push after spike into 0.5890

The NZD/USD is seeing a recovery fueled mostly by broad-market US Dollar selling.
NZ economic data has broadly missed the mark, hampering upside potential.
Markets set to keep an eye out for Friday's US NFP.

Joshua Gibson FXStreet

The NZD/USD is churning near 0.5870, looking for further upside as the US Dollar (USD) recedes across the broader market, giving the Kiwi (NZD) a leg up the charts heading into the Thursday market session.

Forex Today: Fed holds, Dollar slides and stocks rise

New Zealand economic data has missed the mark lately, with NZ Employment figures and the NZ Unemployment rate both coming in below expectations earlier in the week.

Jerome Powell explains decision to leave interest rate unchanged

The US Federal Reserve (Fed) held pat on interest rates on Wednesday, and Fed Chairman Jerome Powell struck a notably less hawkish tone than many market participants were expecting, sending the Greenback lower and giving equities and riskier assets a leg up for the mid-week trading session.

NZD/USD Technical Outlook

Despite Wednesday's bullish bounce, the Kiwi remains deeply in red territory, trading into the 21-day Exponential Moving Average (EMA) after dipping to twelve month lows at 0.5772.

The 50-day Simple Moving Average (SMA) is capping off bullish potential from just north of 0.5900, and the target to beat for bulls will be reclaiming the 0.6000 handle without getting rejected from the last swing high near 0.6050.

NZD/USD Daily Chart

NZD/USD Technical Levels

NZD/USD

Overview
Today last price	0.5874
Today Daily Change	0.0049
Today Daily Change %	0.84
Today daily open	0.5825

Trends
Daily SMA20	0.5896
Daily SMA50	0.5916
Daily SMA100	0.6029
Daily SMA200	0.6128

Levels
Previous Daily High	0.5858
Previous Daily Low	0.5803
Previous Weekly High	0.5874
Previous Weekly Low	0.5772
Previous Monthly High	0.6056
Previous Monthly Low	0.5772
Daily Fibonacci 38.2%	0.5824
Daily Fibonacci 61.8%	0.5837
Daily Pivot Point S1	0.5799
Daily Pivot Point S2	0.5774
Daily Pivot Point S3	0.5744
Daily Pivot Point R1	0.5854
Daily Pivot Point R2	0.5884
Daily Pivot Point R3	0.5909

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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