NZD/USD Price Analysis: Bears eye a break of 0.6300

NZD/USD has crept into a key area in choppy market conditions.
The bears now need to get below 0.6300 to open risk to 0.6250.

Ross J Burland FXStreet

As per the prior analysis, NZD/USD Price Analysis: Bears attempt to take control at a key support structure at 0.6340, the bears moved in and took over at 0.6340 and consequently pierced 0.6300. However, it has been a bumpy ride due to the Bank of Japan that shocked markets on Tuesday with a surprising tweak to its bond yield control.

NZD/USD prior analysis

The price had swept the liquidity near 0.64 in the form of stops and this had resulted in a move lower and a change of charter (CoCh MTF (multi time frame)) in structure, from bullish to bearish, on the lower time frames around 0.6370.

However, it was stated that the bears would only be in the clear once a change of structure in the 4-hour time frame had occurred in a break of 0.6340.

NZD/USD update

The price has crept into the targetted area in choppy market conditions. The bears now need to get below 0.6300. This will take out critical trendline support and be the makings of a possible downside continuation for the rest of the year with 0.6250 eyed:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD sits near a one-month top, above 0.7000 amid fresh USD selling

AUD/USD holds above 0.7000 through the Asian session, trading near a one-month high touched earlier this Monday amid renewed US Dollar selling. US bond yields decline further amid a modest pullback in crude oil prices, capping the USD recovery from a three-week low. Moreover, bets for a November RBA rate hike support the Aussie, though upside seems capped ahead of the crucial two-day FOMC meeting, starting Tuesday.

USD/JPY struggles below 157.00 on weak USD; holds above one-month low ahead of Fed, BoJ meetings

USD/JPY attracts fresh sellers during the Asian session on Monday, stalling its recovery from the lowest level since September 18, touched Friday as a further decline in US bond yields weighs on the US Dollar. Meanwhile, the Japanese Yen benefits from a more hawkish BoJ, further weighing on the currency pair. The downside, however, seems limited as traders keenly await Fed and BoJ policy meetings later this week.

Gold consolidates near $4,000 as recovery remains fragile ahead of Fed decision

Gold (XAU/USD) consolidates modest gains on Monday after last week’s sharp decline pushed the metal to $3,975, its lowest level since August. A pullback in Oil prices offers support as traders react to diplomatic efforts to ease tensions in the Middle East.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Flight to safety meets a high earnings bar as central bank week begins

The final full week of October is upon us, and it is a busy one. The focus will be on updates from the five major central banks – the RBNZ, BoC, Fed, ECB, and BoJ – the UK Autumn Budget, Australian inflation, and a stretch of Q3 earnings, with a whopping 36% of S&P 500 companies reporting.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.