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FOREX: NZD/USD Continues Move Lower, Support Seen At 0.5840

FOREX
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  • NZD/USD dropped 0.13% to 0.5973 on Tuesday, it was the lowest close in about three-months. In was a slow session for both headlines and economic data, US tsys yields found some support after US JOLTS Job openings came in below estimates with yields closing 3-4bps lower.
  • Yesterday, New Zealand's labor market showed little change in September, with filled jobs rising by just 0.04%, following four months of declines. High interest rates are slowing economic growth and curbing hiring, with economists predicting the unemployment rate could rise to 5% in the third quarter, the highest in four years.
  • Looking at technical levels, the pair continues to make new cycle lows, the 14-Day RSI at 32, just above the yearly lows made in July the MACD indicator has continued to print smaller red bars. Initial support is now 0.5840 (Aug 5 lows) a break here would open a move to 0.5876 (July 26 lows). Initial resistance is 0.6057 (61.8% retracement of July 26- Sep 30 rally & 20-day EMA).
  • RBNZ dated OIS pricing is little changed this week with 56bps of cuts priced for November and 100bps of cuts priced into the Feb meeting. Pricing has fluctuated 1-3bps further out the curve this week, with 162bps of cuts priced until October 2025.
  • It's another empty data calendar today.
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  • NZD/USD dropped 0.13% to 0.5973 on Tuesday, it was the lowest close in about three-months. In was a slow session for both headlines and economic data, US tsys yields found some support after US JOLTS Job openings came in below estimates with yields closing 3-4bps lower.
  • Yesterday, New Zealand's labor market showed little change in September, with filled jobs rising by just 0.04%, following four months of declines. High interest rates are slowing economic growth and curbing hiring, with economists predicting the unemployment rate could rise to 5% in the third quarter, the highest in four years.
  • Looking at technical levels, the pair continues to make new cycle lows, the 14-Day RSI at 32, just above the yearly lows made in July the MACD indicator has continued to print smaller red bars. Initial support is now 0.5840 (Aug 5 lows) a break here would open a move to 0.5876 (July 26 lows). Initial resistance is 0.6057 (61.8% retracement of July 26- Sep 30 rally & 20-day EMA).
  • RBNZ dated OIS pricing is little changed this week with 56bps of cuts priced for November and 100bps of cuts priced into the Feb meeting. Pricing has fluctuated 1-3bps further out the curve this week, with 162bps of cuts priced until October 2025.
  • It's another empty data calendar today.