NZDUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.05%	2.9 Pips
Week to-date	-1.17%	-72 Pips
August	-2.03%	-126.3 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Factory Orders (1-mth) in June exceed forecast and rose to 2.3% compared to previous figure 0.4, revised from 0.3% in May Census Bureau
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q2 preliminary estimate rose to 3.7% compared to previous figure -1.2% (revised from -2.1%) Bureau of Labor Statistics
🇺🇸 U.S. ADP Non-Farm Employment Change in July exceed forecast and dropped to 324K compared to previous figure 497K in June
🇳🇿 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

What can we expect from NZDUSD today?

NZDUSD on Thursday rose 0.05% to 0.60805. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.60611 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.60974 or trades above daily pivot 0.60793. Break above could target R1 at 0.60986. While to the downside, we are looking at 0.60611 (S1) and daily low of 0.60599 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.60974 may suggest continuation after recent positive movement.

For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -1.17%.

Key levels to watch out:

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