NZD/USD Price Analysis: Hovers near 0.5850 followed by nine-day EMA barrier

NZD/USD looks to extend losses due to the stronger US Dollar.
Technical indicators suggest a bearish sentiment in the pair.
Major level at 0.5800 aligned with the monthly low could act again as support.

Akhtar Faruqui FXStreet

NZD/USD struggles to remain in the positive territory after minor losses registered in the previous session due to weaker upbeat S&P Global PMI from the United States (US).

US S&P Global Composite PMI showed growth in October, rising from 50.2 to 51.0. The Services PMI experienced an increase, reaching 50.9, while the Manufacturing PMI rose to 50.0. The manufacturing index has maintained a level above the 50-point threshold in the last six months, indicating a positive shift in that sector.

NZD/USD trades around the 0.5850 psychological level during the European session on Wednesday. The pair has almost trimmed its intraday gains as the US Dollar (USD) continues the gains for the second successive day.

The nine-day Exponential Moving Average (EMA) at 0.5870 appears to be the key barrier, followed by the 0.5900 psychological level.

A firm break above the latter could open the doors for the NZD/USD pair to explore the region around the 23.6% Fibonacci retracement at 0.5950.

On the downside, the region around the major level at 0.5800 aligned with the monthly low at 0.5807 could act again as the immediate support for the NZD/USD pair.

The Moving Average Convergence Divergence (MACD) line remains beneath both the centerline and the signal line. The financial sonnet echoes a bearish refrain for the NZD/USD pair.

Furthermore, the NZD/USD pair unveils a bearish momentum, as the 14-day Relative Strength Index (RSI) flaunts a palpable penchant for weakness, gracefully bowing beneath the 50 level.

NZD/USD: Daily Chart

NZD/USD: Additional levels to watch

Overview
Today last price	0.5846
Today Daily Change	0.0002
Today Daily Change %	0.03
Today daily open	0.5844

Trends
Daily SMA20	0.5927
Daily SMA50	0.5927
Daily SMA100	0.6044
Daily SMA200	0.6144

Levels
Previous Daily High	0.5874
Previous Daily Low	0.5828
Previous Weekly High	0.5931
Previous Weekly Low	0.5815
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.5846
Daily Fibonacci 61.8%	0.5856
Daily Pivot Point S1	0.5823
Daily Pivot Point S2	0.5803
Daily Pivot Point S3	0.5777
Daily Pivot Point R1	0.5869
Daily Pivot Point R2	0.5895
Daily Pivot Point R3	0.5915

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

EUR/USD retreats to daily lows near 1.1570

EUR/USD briefly pushed higher earlier in the session, climbing toward the 1.1650 area, but the recovery quickly lost momentum and the pair has drifted back to test the 1.1570 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is making it difficult for the pair to maintain its footing.

GBP/USD loses the grip, focus is on 1.3300

GBP/USD remains on the defensive on Thursday, hovering around the 1.3320 region. The British Pound is coming under pressure amid growing concerns that rising energy prices could expose the UK economy to stagflation risks, while renewed safe-haven demand for the Greenback continues to weigh on the pair.

Gold falls as demand for the US Dollar resurges

Gold turns lower on Thursday, slipping back toward the $5,100 area. Persistent strength in the US Dollar (USD) is preventing the precious metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.