NZDUSD on Wednesday dropped -1.14% to 0.60853. What we know.
|Performance after Wednesday|
|Week to-date||-1.09%||-67.2 Pips|
Upcoming key events (London Time)
Thu 03:00 PM USD ISM Services PMI
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment
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
What can we expect from NZDUSD today?
NZDUSD on Wednesday dropped -1.14% to 0.60853. Price is below 9-Day EMA while Stochastic is falling in oversold zone.
Updated daily direction for NZDUSD looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at S1 0.60536 with break below could see further selling pressure towards S2 at 0.60218. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.61455 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.60678 would indicate selling pressure.
For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -1.09%.
Key levels to watch out:
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