FxWirePro: NZD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- NZD/USD was trading 1.25% higher on the day at 0.5798 at around 10:05 GMT

- The pair is extending break above 21-EMA, scope for further gains

- Momentum is bullish, RSI is above 50 and biased higher

- Bullish RSI divergence raises scope for further gains

- Minor pullbacks have held support at 200H MA, weakness likely on break below

- MACD and ADX support upside in the pair, Chikou span is biased higher

Data Released:

US Conference Board's consumer confidence index fell to 102.5 this month from 107.8 in September, missing forecasts at 106.5 by a wide margin.

The survey's present situation index tumbled to 138.9, the lowest level since April 2021, from 150.2 in September. While its expectations index fell to 78.1 from 79.5 last month.

The S&P CoreLogic Case-Shiller national home price index increased 13.0% annually in August after advancing 15.6% in July. On a monthly basis, prices fell 0.9% in August, the second straight monthly drop.

Further, home prices increased 11.9% in the 12 months through August after rising 13.9% in July. Prices fell 0.7% on a monthly basis after decreasing 0.6% in July. 

Data Watch:

US Gross Domestic Product (GDP) data - seen higher at 2.4% vs. a decline of 0.6% in the third quarter of CY2022.

Support and Resistance Levels: 

Support - 0.5716 (21-EMA), 0.5678 (200H MA)

Resistance - 0.58, 0.5873 (55-EMA)

Summary: NZD/USD trades with a bullish bias. Scope for test of 55-EMA at 0.5873.