NZD/USD stops the bleeding, recovering towards 0.5850

The NZD/USD consolidated losses and rose nearly 0.40% to 0.5850.
Markets will remain calm on Monday with no relevant highlights on the economic calendar.
US economic activity data, including S&P PMIs from October, Q3 GDP and PCE inflation from September figures, will be the week’s highlight.

Patricio Martín FXStreet

At the beginning of the week, the NZD/USD increased towards 0.5850, as the pair seems to be facing a period of consolidation after losing more than 1% last week. All eyes are now on high-tier US data this week, including Tuesday's Manufacturing PMI, the Gross Domestic Product (GDP) preliminary estimate from Q3 on Thursday, and Personal Consumption Expenditures (PCE) from September on Friday. On the Kiwi’s side, Housing data, including Building Permits from September, is due on Tuesday’s Asian session.

In the meantime, the USD seems to be struggling to gather momentum due to markets betting on a less aggressive Federal Reserve (Fed) after Chair Powell’s speech last week. He highlighted that the high bond yields will be considered and that the bank will proceed “carefully” regarding the next decisions. In line with that, according to the CME FedWatch tool, the odds of a 25 bps hike in the December meeting remain low and stand around 30%, making the green currency lose interest. However, high-tier economic figures released this week will continue shaping the expectations on the Fed’s next steps and set the pace of the USD’s price dynamics in the next sessions.

NZD/USD Levels to watch

Considering the daily chart, NZD/USD presents a neutral to bearish outlook, as, despite the bears having recently gained significant momentum, the may take a step back to consolidate the latest movements before the next downward leg as indicators have turned somewhat flat in negative territory.

The Relative Strength Index (RSI) indicates a neutral stance below its midline, displaying a flat slope, while the Moving Average Convergence (MACD) shows stagnant red bars. Additionally, the pair is below the 20, 100, and 200-day Simple Moving Average (SMA) suggesting that the bears are in a favourable position on the broader scale.

Support levels: 0.5820,0.5800,0.5770.

Resistance levels: 0.5890,0.5900,0.5930 (200-day SMA).

NZD/USD Daily Chart

NZD/USD

Overview
Today last price	0.5852
Today Daily Change	0.0022
Today Daily Change %	0.38
Today daily open	0.583

Trends
Daily SMA20	0.5939
Daily SMA50	0.5932
Daily SMA100	0.6048
Daily SMA200	0.6149

Levels
Previous Daily High	0.5856
Previous Daily Low	0.5817
Previous Weekly High	0.5931
Previous Weekly Low	0.5815
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.5832
Daily Fibonacci 61.8%	0.5841
Daily Pivot Point S1	0.5813
Daily Pivot Point S2	0.5795
Daily Pivot Point S3	0.5774
Daily Pivot Point R1	0.5852
Daily Pivot Point R2	0.5873
Daily Pivot Point R3	0.589

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

AUD/USD keeps the red near 0.6950 after weak Aussie jobs data

AUD/USD holds losses near 0.6950 on disappointing Australian jobs data, extending the previous day's retracement slide from the monthly high and hitting a fresh weekly low during Thursday’s Asian session. Meanwhile, declining US bond yields drag the US Dollar away from the April 2025 high, touched after Wednesday's hot US CPI, helping limit losses for the currency pair.

USD/JPY slides back below 158.00 as USD reverses post-CPI gains

USD/JPY extends the previous day's pullback from a three-week high, attracting follow-through selling and sliding below 158.00 during Thursday's Asian session. Traders remain on high alert amid speculation that authorities will step in to prop up the Japanese Yen. The US Dollar, meanwhile, reverses Wednesday's hot CPI-led gains to April 2025 highs as US bond yields retreat on China bond-buying talk, further pressuring the pair.

Gold rebounds firmly as China Treasuries-buying report smashes US yields

Gold stages a solid comeback from weekly lows, retakes $4,150 early Thursday. US Dollar declines sharply alongside Treasury yields on China’s bond-buying report. Technically, the daily RSI remains bearish and a headwind for Gold buyers.

Bitcoin falls on hot CPI: Why $80,000 support matters

Bitcoin's (BTC) most critical level to watch is near $80,000 as September's hot inflation reading pressures the crypto market, according to Glassnode. The top crypto declined within minutes of the September Consumer Price Index (CPI) release, which showed a 3.7% annual increase in headline inflation, above forecasts of 3.6%. Core inflation, which excludes food and energy prices, came in at 2.6%.

China seems routing US Treasury holdings through Canada

According to a Bloomberg report, China seems to be moving United States securities to non-US custodian banks in other countries, masking its role in financing US deficits.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?