NZD/USD Price Forecast: Declines to near 0.6300 as US data takes centre stage

• NZD/USD falls sharply to near 0.6300 with a focus on US ISM Manufacturing PMI and the JOLTS Job Openings data.
• The US Dollar refreshes weekly high ahead of a slew of US data.
• China's massive stimulus announcement has kept strength in the Kiwi dollar intact.

The NZD/USD pair tumbles to near the crucial support of 0.6300 in Tuesday's New York session after facing selling pressure above the key resistance of 0.6350. The Kiwi asset weakens as the US Dollar (USD) posts a fresh weekly high, with investors turning cautious ahead of a slew of United States (US) economic data.

Investors will pay close attention to the US data as it will influence market expectations for the Federal Reserve (Fed) interest rate outlook. In today's session, investors will focus on the US ISM Manufacturing PMI for September and the JOLTS Job Openings data for August, which will be published at 14:00 GMT.

The ISM Manufacturing PMI is estimated to have improved slightly to 47.5 from 47.2 in August. Still, the measure would suggest that activity in the factory sector continued to sink. Meanwhile, the Job Openings are expected to have grown at a steady pace, as seen in July, to 7.67 million.

Later this week, the US ADP Employment Change, ISM Services PMI, and the Nonfarm Payrolls (NFP) data for September will be under the spotlight.

In the Asia-Pacific region, the outlook of the New Zealand Dollar (NZD) is still upbeat on China's massive stimulus for the economic revival. It is worth noting that New Zealand is one of the leading trading partners of China.

NZD/USD witnesses a sharp decline after failing to sustain above the crucial resistance of 0.6350. However, the near-term outlook of the Kiwi asset is still upbeat as the 20-day Exponential Moving Average (EMA) near 0.6250 is sloping higher.

The 14-day Relative Strength Index (RSI) slips into the 40.00-60.00 range, suggesting a weakening of momentum.

NZD/USD daily chart