Fundamental Overview
The US Dollar’s upward trend is slowing as GBPUSD doesn’t reach new lows, even with strong US data, such as better-than-expected US Retail Sales and US Jobless Claims.
The market has adjusted its expectations for aggressive rate cuts in line with the Fed’s projections. Stronger US data indicating rising inflation is needed for an earlier pause in the Fed’s easing cycle.
Key risk events in November include October data releases, the FOMC policy decision, and the US election.
For the NZD, this week’s New Zealand Q3 CPI fell short of expectations, reinforcing views for a 50 basis point rate cut at the next meeting and a 12% chance of a 75 basis point cut.
NZDUSD Technical Analysis – Daily Timeframe
On the daily chart, NZDUSD is consolidating around the key support level of 0.6050. Buyers might enter here, positioning for a rise to the 0.6217 resistance. Sellers will look for a break below to target the 0.5850 support.
NZDUSD Technical Analysis – 4 Hour Timeframe
The 4-hour chart shows a range with weakening bearish momentum. A break above the 0.61 level could boost buyers towards the 0.6217 resistance.
NZDUSD Technical Analysis – 1 Hour Timeframe
The 1-hour chart shows limited insights as the market likely continues to range until a breakout occurs. The red lines show today’s average daily range.
