TRENDING:

GBP/USD

XAU/USD

NZD/USD wobbles on employment change miss, testing 0.5800

New Zealand Employment Change misses expectations, looses jobs instead of meager gain.
RBNZ Financial Stability Report reveals little new for investors to chew on.
Broader market will shift attention to Wednesday's upcoming Fed rate call.

Joshua Gibson FXStreet

The NZD/USD saw mild declines on Tuesday as broad-market sentiment tips in favor of the US Dollar (USD), taking the Kiwi (NZD) down from opening bids near 0.5840 after hitting a new, albeit minor high for the week near 0.5860.

The Kiwi's downside pressure is set to continue through Wednesday as New Zealand saw an unexpected contraction in employment figures and the Reserve Bank of New Zealand's (RBNZ) Financial Stability Report (FSR) revealed little of note for investors to be concerned about.

New Zealand's Employment Change for the 3rd quarter unexpectedly contracted, printing at -0.2% against the previous quarter's 1% gain, missing the forecast 0.4% that NZD traders expected. Despite the miss, NZ's overall Employment Rate printed at expectations, coming in at the forecast 3.9% against the 2nd quarter's 3.6%, so overall market effect was restrained.

RBNZ Governor Adrian Orr delivered the NZ central bank's latest FSR, with the RBNZ head noting that significant risks remain on the horizon as New Zealand households and businesses continue to grapple with higher debt servicing costs. The NZ financial system is still adjusting to a higher-rate environment, and the RBNZ looks unlikely to raise rates any time soon as the central bank remains leery of potential declines or deterioration in asset quality.

Markets will now turn their eyes to Wednesday's Federal Reserve (Fed) rate call, where markets are expecting the US central bank to keep rates where they are, but investor bets of one last 25-basis-point rate hike to close out the year are on the rise in the face of firm US economic data and sticky inflation metrics that refuse to decline on-pace with market expectations.

NZD/USD Technical Outlook

The Kiwi continues to waffle into the low end of the charts, but there's only so far the NZD can fall, and the pair is struggling to extend further declines below 0.5800 despite broad-market US Dollar strength.

Bullish recovery still sees significant technical resistance, with the 50-day Simple Moving Average (SMA) descending into the 0.5900 handle region, and the NZD/USD continues to test the waters on the low end of 2023's prices.

NZD/USD Daily Chart

NZD/USD Technical Levels

NZD/USD

Overview
Today last price	0.5808
Today Daily Change	-0.0035
Today Daily Change %	-0.60
Today daily open	0.5843

Trends
Daily SMA20	0.59
Daily SMA50	0.5918
Daily SMA100	0.6032
Daily SMA200	0.6131

Levels
Previous Daily High	0.5846
Previous Daily Low	0.5805
Previous Weekly High	0.5874
Previous Weekly Low	0.5772
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.583
Daily Fibonacci 61.8%	0.582
Daily Pivot Point S1	0.5816
Daily Pivot Point S2	0.579
Daily Pivot Point S3	0.5775
Daily Pivot Point R1	0.5858
Daily Pivot Point R2	0.5873
Daily Pivot Point R3	0.5899

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD trades with negative bias around 1.1730 amid recovering USD; downside seems limited

The EUR/USD pair kicks off the new week on a softer note, though it remains within striking distance of the highest level since early October, touched last Thursday. Spot prices currently trade around the 1.1730 region, down less than 0.10% for the day.

GBP/USD holds steady above mid-1.3300s as traders await key data and BoE this week

The GBP/USD pair remains on the defensive during the Asian session on Monday, though it lacks bearish conviction and holds above the 200-day Simple Moving Average pivotal support. Spot prices currently trade around the 1.3360 region, nearly unchanged for the day.

Gold retains bullish bias ahead of this week’s key US macro releases

Gold attracts buyers for the fifth straight day and climbs to the $4,330 region during the Asian session on Monday. The commodity remains well within striking distance of its highest level since October 21, touched on Friday, and seems poised to appreciate further amid a supportive fundamental backdrop.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash, SPX6900, and Pudgy Penguins, are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Big week ends with big doubts

The S&P 500 continued to push higher yesterday as the US 2-year yield wavered around the 3.50% mark following a Federal Reserve (Fed) rate cut earlier this week that was ultimately perceived as not that hawkish after all. The cut is especially boosting the non-tech pockets of the market.

Aave Price Forecast: AAVE primed for breakout as bullish signals strengthen

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.