NZDUSD on Wednesday dropped -0.27% to 0.60258. End May down by -2.54% or -157.2 pips lower. Pair in consolidation. What we know.
NZDUSD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.27% | -16.2 Pips |  | ||
| Week to-date | -0.37% | -22.2 Pips |  | ||
| May | -2.54% | -157.2 Pips | | ||
Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%) 
🇳🇿 New Zealand Building Permits seasonal adjustment. (1-mth) in April below forecast and dropped to -2.6% compared to previous figure 7% in March Stats NZ
What can we expect from NZDUSD today?
NZDUSD on Wednesday dropped -0.27% to 0.60258. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.599 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.60476 or trades above daily pivot 0.60188. Break above could target R1 at 0.60546. While to the downside, we are looking at 0.599 (S1) and daily low of 0.59830 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.59830 would indicate selling pressure.
For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -0.37%.
NZDUSD ended month of May trading session down by -2.54% or -157.2 pips lower.
Key levels to watch out:
| R3 | 0.61192 |
| R2 | 0.60834 |
| R1 | 0.60546 |
| Daily Pivot | 0.60188 |
| S1 | 0.599 |
| S2 | 0.59542 |
| S3 | 0.59254 |
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Minutes of the Board’s discount rate meetings from April 10 through May 3, 2023. Federal Reserve
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