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.

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