NZD/USD waffles on Friday, dips into 0.5890

The NZD/USD caught a ride lower as the Kiwi gives up more chart paper to the Greenback.
New Zealand's Business NZ PMI worsened early Friday, hobbling the NZD.
Kiwi traders will be looking ahead to Monday's NZ CPI figures.

Joshua Gibson FXStreet

The NZD/USD is seeing soft downside heading into the trading week's close, sending the pair firmly into red territory for the week.

Early Friday's Business NZ Purchasing Manager's Index (PMI) showed a further decline in the confidence metric, down to 45.3 against the previous print of 46.1.

Kiwi traders will now have their eyes turned to New Zealand Consumer Price Index (CPI) inflation figures, due late Monday at 21:45 GMT.

NZ CPI inflation is forecast to twist, with the quarter-on-quarter figure forecast to step up from 1.1% to 2%, while the annualized figure into the third quarter is expected to tick downwards slightly from a flat 6% to 5.9%.

The Reserve Bank of New Zealand (RBNZ) is currently stuck in a wait-and-see holding pattern on interest rates, and both investors and the RBNZ will be keeping a close eye on inflation.

NZD/USD Technical Outlook

The Kiwi is firmly lower against the US Dollar on the intraday charts, and the NZD/USD is down 2.75% fro the week's highs at 0.6055.

The pair slid straight through the 200-hour Simple Moving Average (SMA) in Thursday's broad-market move into the US Dollar, and the Kiwi failed to establish a meaningful reversal on the charts, rising to a meager high of 0.5936 in Friday trading before slumping back into the basement and tapping a near-term low of 0.5886.

Daily candlesticks have the NZD/USD trading back into the low end of medium-term consolidation, and the Kiwi is plagued by a major bottom at the year's lows near 0.5850. Price action is currently getting hung up on the 50-day SMA as momentum bleeds out of the daily charts, and a bearish 200-day SMA is turning lower into 0.6150.

NZD/USD Daily Chart

NZD/USD Technical Levels

NZD/USD

Overview
Today last price	0.5889
Today Daily Change	-0.0038
Today Daily Change %	-0.64
Today daily open	0.5927

Trends
Daily SMA20	0.5955
Daily SMA50	0.5953
Daily SMA100	0.6059
Daily SMA200	0.6164

Levels
Previous Daily High	0.6033
Previous Daily Low	0.5924
Previous Weekly High	0.6009
Previous Weekly Low	0.587
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.5966
Daily Fibonacci 61.8%	0.5991
Daily Pivot Point S1	0.589
Daily Pivot Point S2	0.5852
Daily Pivot Point S3	0.5781
Daily Pivot Point R1	0.5999
Daily Pivot Point R2	0.6071
Daily Pivot Point R3	0.6108

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.

GBP/USD bounces off four-day lows, still below 1.3500

GBP/USD sticks to the bearish tone on Thursday, coming down to the 1.3480 region in the latter part of the NA session. In the meantime, Cable’s weakness comes as investors continue to assess mixed UK data, poor US results, and the persistent uncertainty surrounding the US-Iran conflict.

EUR/USD looks apathetic around 1.1530

EUR/USD reverses Wednesday’s downtick and trades with modest gains in the 1.1530 region following the end of the NA session on Thursday. The pair’s tepid advance comes on the back of the absence of clear direction in the US Dollar despite tensions from the Middle East appear far from alleviated. Later on Friday, investors are expected to monitor the the releases of another revision of GDP figures in the Euroland, US Retail Sales and the preliminary U-Mich gauge.

Gold loses the grip, recedes toward $4,350

Gold extends its intraday pullback on Thursday, retesting the $4,350 zone per troy ounce, or three-day troughs. Meanwhile, the yellow metal continues to monitor developments from the Middle East as well as bets surrounding the potential Fed’s rate path.

Ethereum Price Forecast: Fidelity plans to add staking to ETH ETF amid yield debate

Asset manager Fidelity has filed with the US Securities and Exchange Commission (SEC) to permit staking in its Ethereum (ETH) exchange-traded fund (ETF), the Fidelity Ethereum Fund (FETH), which holds over $898 million in net assets.

Week ahead – Summer lull could be tested by geopolitics and central bank expectations

US dollar stabilizes as September Fed hike bets remain subdued. Market volatility stays low, but thin liquidity could amplify movements. Key UK data could challenge pound strength; euro craves bullish catalysts.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.