New Zealand Dollar Tests New Lows: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Is Flat As Traders Wait For Catalysts

USD/JPY is mostly flat as traders wait for the release of Durable Goods Orders report. The report is expected to show that Durable Goods Orders declined by 1% month-over-month in September. Today, traders will also focus on the final reading of Michigan Consumer Sentiment report, which is expected to indicate that Consumer Sentiment declined from 70.1 in September to 69 in October.

If USD/JPY settles back above the 152.00 level, it will head towards the next resistance level at 153.00 – 153.50.

EUR/USD Is Little Changed As Traders Focus On Ifo Business Climate Report

EUR/USD settled near the 1.0820 level as traders reacted to the Ifo Business Climate report from Germany. The report showed that Ifo Business Climate increased from 85.4 in September to 86.5 in October, compared to analyst consensus of 85.6.

In case EUR/USD climbs above the 50 MA at 1.0837, it will head towards the next resistance level at 1.0900 – 1.0915.

AUD/USD Remains Under Pressure

AUD/USD remains under pressure as demand for commodity-related currencies declines. Precious metals pulled back from recent highs, while oil markets are moving lower amid demand worries.

A successful test of the support level at 0.6610 – 0.6620 will open the way to the test of the next support level at 0.6550 – 0.6560.

NZD/USD Tests New Lows As Consumer Confidence Declines

NZD/USD tests new lows as traders focus on the ANZ Roy Morgan Consumer Confidence report. The report showed that Consumer Confidence declined from 95.1 in September to 91.2 in October, compared to analyst forecast of 98. Declining Consumer Confidence may serve as an additional bearish catalyst for NZD/USD.

A move below the support at 0.5975 – 0.5985 will push NZD/USD towards the next support level, which is located in the 0.5920 – 0.5930 range.

For a look at all of today’s economic events, check out our economic calendar.