Fundamental Overview
The US Dollar’s strength is fading, as GBPUSD is holding steady despite strong US economic data. US Retail Sales exceeded expectations, and Jobless Claims improved significantly.
However, the market has adjusted its expectations for aggressive rate cuts to align with the Fed’s guidance. To see a pause in the Fed’s easing plans, we need stronger US data, particularly inflation signs.
Important events to watch in November include October data, the FOMC policy decision, and the US election.
For NZD, New Zealand’s Q3 CPI fell short of expectations, reinforcing predictions for a 50 basis point cut in the next meeting and a 12% chance of a 75 basis point cut.
NZDUSD Technical Analysis – Daily Outlook
The daily chart shows NZDUSD consolidating around the key support level of 0.6050. Buyers may enter here, as sellers will look for a break below to target 0.5850 support.
NZDUSD Technical Analysis – 4-Hour Outlook
On the 4-hour chart, NZDUSD is stuck in a range, with resistance at 0.61. A breakout above could lead to increased bullish momentum towards 0.6217.
NZDUSD Technical Analysis – 1-Hour Outlook
The 1-hour chart shows limited movement as traders wait for a breakout. The red lines indicate today’s average daily range.
