NZDUSD on Wednesday dropped -0.41% to 0.60188. Pair in consolidation. What we know.

NZDUSD Analysis

Performance after Wednesday
Wednesday-0.41%-24.6 Pips
Week to-date0.53%31.8 Pips
October0.4%23.8 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD CPI Inflation Rate (12-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 U.S. Producer Price Index excluding Food and Energy sectors (12-mth) in September rose to 2.7% compared to previous figure 2.5% (revised from 2.2%)


What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -0.41% to 0.60188. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.59984 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.60552 or trades above daily pivot 0.60268. Break above could target R1 at 0.60472. While to the downside, we are looking at 0.59984 (S1) and daily low of 0.60064 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.60064 would indicate selling pressure.

For the week to-date, take note that NZDUSD is bullish as the pair continued to trade higher and is up by 0.53% over the past few days.

Key levels to watch out:

Daily Pivot0.60268

You might be interested in:

Minutes of the Federal Open Market Committee, September 19-20, 2023. Federal Reserve
Monthly Wholesale Trade: Sales and Inventories. Census Bureau

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