NZDUSD on Thursday dropped -0.17% to 0.59261. What we know.
|Performance after Thursday|
|Week to-date||-0.93%||-55.9 Pips|
Upcoming key events (London Time)
No major events for the day.
What happened lately
🇺🇸 In the week ending 12 August, U.S. Initial Unemployment Insurance Claims dropped to 239K compared to previous figure 250K (revised upward from 248K) Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in August exceed forecast and rose to 12 points compared to previous figure -13.5 points in July
🇺🇸 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
What can we expect from NZDUSD today?
NZDUSD on Thursday dropped -0.17% to 0.59261. 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 Thursday trading session.
Looking ahead for the day, immediate support level is at S1 0.58979 with break below could see further selling pressure towards S2 at 0.58698. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.59636 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.59026 would indicate selling pressure.
For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -0.93%.
Key levels to watch out:
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Minutes of the Federal Open Market Committee, July 25-26, 2023. Federal Reserve
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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