NZD/USD heading back towards 0.5800 as Greenback sees Friday bids

The NZD/USD is back into Friday's lows as the US Dollar sees a late bid on Friday.
The Kiwi continues to face topside rejection as broader markets choose safer havens.
Kiwi traders will be looking ahead to next Tuesday's NZ labor figures.

Joshua Gibson FXStreet

The NZD/USD is ticking back towards 0.5800 heading into the Friday market close, falling back from the day's peak near 0.5845 as traders step back into the Greenbac, tilting risk-off to wrap up the trading week.

The Kiwi hit a new eleven-month low this week, tapping 0.5772 on Thursday, and the NZD/USD is seeing resistance clamping off a successful rebound bid.

US Personal Consumption Expenditure (PCE) Index figures came in at expectations, and markets will be turning eyes towards next week's showing from the Federal Reserve (Fed), where the US central bank is broadly expected to hold off on rate hikes.

Investors will be keeping close watch of Fed Chairman Jerome Powell's speech slated for half an hour after the Fed's rate call, and market participants will be keeping an ear out for any changes to the Fed's rhetoric. Despite the expected rate hold, markets continue to see increasing odds of one last rate hike from the Fed in December as inflationary pressure continue to stick higher than markets had expected or hoped for.

Next week also sees New Zealand labor data late Tuesday. The NZ Unemployment Rate is expected to tick up from 3.6% to 3.9% for the 3rd quarter, and investors are expecting the NZ Employment Change to slowdown hiring, with Q3 new jobs expected to increase by only 0.4% compared to Q2's 1.0% even print.

NZD/USD Technical Outlook

The NZD/USD continues to face rejection from the 200-hour Simple Moving Average SMA), seeing a bounce back from the technical barrier twice this week, and Kiwi traders are struggling to find technical reasons to bid the NZD back up from the year's new lows near 0.5770.

Daily candlesticks see the NZD/USD trading firmly into the downside, tumbling from the last swing high into 0.6050, but overeager bulls looking to catch falling knives will probably want to wait until a bullish crossover signal on the Moving Average Convergence-Divergence (MACD) currently settling into oversold territory with directional momentum bleeding towards the midrange.

NZD/USD Hourly Chart

NZD/USD Technical Outlook

NZD/USD

Overview
Today last price	0.5811
Today Daily Change	-0.0010
Today Daily Change %	-0.17
Today daily open	0.5821

Trends
Daily SMA20	0.5914
Daily SMA50	0.5922
Daily SMA100	0.6038
Daily SMA200	0.6138

Levels
Previous Daily High	0.5832
Previous Daily Low	0.5772
Previous Weekly High	0.5931
Previous Weekly Low	0.5815
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.5809
Daily Fibonacci 61.8%	0.5795
Daily Pivot Point S1	0.5785
Daily Pivot Point S2	0.5748
Daily Pivot Point S3	0.5725
Daily Pivot Point R1	0.5845
Daily Pivot Point R2	0.5868
Daily Pivot Point R3	0.5905

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.