NZDUSD on Tuesday dropped -0.2% to 0.58944. What we know.

NZDUSD Analysis

Performance after Tuesday
Tuesday-0.2%-12 Pips
Week to-date0.19%11.4 Pips
October-1.68%-100.6 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Monthly Retail Trade (1-mth) in September exceed forecast and dropped to 0.7% compared to previous figure 0.8, revised from 0.6% in August Census Bureau
🇳🇿 New Zealand CPI Inflation Rate (12-mth) in Q3 below forecast and dropped to 5.6% compared to previous figure 6% in Q2 Stats NZ
🇺🇸 U.S. New York Empire State Manufacturing Index in October below forecast and dropped to -4.6 points compared to previous figure 1.9 points in September


What can we expect from NZDUSD today?

NZDUSD on Tuesday dropped -0.2% to 0.58944. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for NZDUSD looks bearish as the pair posted lower in Tuesday trading session.

Looking ahead for the day, immediate support level is at S1 0.58719 with break below could see further selling pressure towards S2 at 0.58493. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.59140 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.58704 would indicate selling pressure.

For the week to-date, take note that NZDUSD is mixed as compared to the prior week.

Key levels to watch out:

Daily Pivot0.58929

You might be interested in:

Minutes of the Board’s discount rate meetings from August 21 and September 20, 2023. Federal Reserve
Advance Monthly Sales for Retail and Food Services. Census Bureau
Business Formation Statistics. Census Bureau

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