NZDUSD on Tuesday dropped -1.14% to 0.61364. What we know.

NZDUSD Analysis

Performance after Tuesday
Tuesday-1.14%-70.6 Pips
Week to-date-0.26%-16.1 Pips
August-1.11%-68.9 Pips

Upcoming key events (London Time)

Tue 11:45 PM NZD Employment Change
Wed 01:15 PM USD ADP Non-Farm Employment Change
Thu 03:00 PM USD ISM Services PMI

What happened lately

🇳🇿 New Zealand Employment Change in Q2 exceed forecast and rose to 1% compared to previous figure 0.8% in Q1 Stats NZ
🇳🇿 New Zealand Labour Cost Index (LCI) (3-mth) in Q2 below forecast and rose to 1.1% compared to previous figure 0.9% in Q1 Stats NZ
🇳🇿 New Zealand Unemployment Rate in Q2 exceed forecast and rose to 3.6% compared to previous figure 3.4% in Q1 Stats NZ
🇳🇿 New Zealand Labour Force Participation Rate in Q2 exceed forecast and rose to 72.4% compared to previous figure 72% in Q1 Stats NZ
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 9.582M compared to previous figure 9.616M (revised from 9.824M)
🇳🇿 New Zealand Building Permits seasonal adjustment. (1-mth) in June exceed forecast and rose to 3.5% compared to previous figure -2.3, revised from -2.2% in May Stats NZ

NZDUSD 4-hour Chart by TradingView

What can we expect from NZDUSD today?

NZDUSD on Tuesday dropped -1.14% to 0.61364. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for NZDUSD looks bearish as the pair posted lower in Tuesday trading session.

Looking ahead for the day, immediate support level is at S1 0.61057 with break below could see further selling pressure towards S2 at 0.60751. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.62170 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.61307 would indicate selling pressure.

For the week to-date, take note that NZDUSD is mixed as compared to the prior week.

Key levels to watch out:

Daily Pivot0.61614

You might be interested in:

Gross Domestic Product for Puerto Rico, 2021. Bureau of Economic Analysis

Leave a comment

Your email address will not be published. Required fields are marked *