NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.26%	-15.6 Pips
Week to-date	-0.75%	-44.6 Pips
August	-4.34%	-269.6 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Industrial Production (1-mth) in July rose to 1% compared to previous figure -0.8% (revised from -0.5%)
🇳🇿 New Zealand RBNZ Interest Rate Decision (Official Cash Rate) unchanged at 5.5% compared to previous rate 5.5% Reserve Bank of New Zealand
🇺🇸 U.S. Monthly Retail Trade (1-mth) in July exceed forecast and rose to 0.7% compared to previous figure 0.2% in June Census Bureau
🇺🇸 U.S. Retail Trade Control Group in July rose to 1% compared to previous figure 0.5% (revised from 0.6%) Census Bureau

What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -0.26% to 0.59374. 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 Wednesday trading session.

Looking ahead for the day, immediate support level is at S1 0.59114 with break below could see further selling pressure towards S2 at 0.58854. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.59930 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.59262 would indicate selling pressure.

For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -0.75%.

Key levels to watch out:

You might be interested in:

Minutes of the Federal Open Market Committee, July 25-26, 2023. Federal Reserve
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Official Cash Rate remains at 5.5%. RBNZ
Advanced Monthly Sales for Retail and Food Services. Census Bureau