NZDUSD on Thursday dropped -0.28% to 0.58397. What we know.
NZDUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.28% | -16.3 Pips |  | ||
| Week to-date | -0.75% | -44.4 Pips | | ||
| October | -2.61% | -156.4 Pips |  | ||
Upcoming key events (London Time)
Fri 01:00 AM USD President Joe Biden speech
What happened lately
🇳🇿 New Zealand Trade Balance NZD (12-mth) in September exceed forecast and improved to -15.33$ compared to previous figure -15.52, revised from -15.54$ in August Stats NZ 🇳🇿 New Zealand Exports in September dropped to 4.87$ compared to previous figure 4.97, revised from 4.99$ in August Stats NZ 🇳🇿 New Zealand Imports in September dropped to 7.2$ compared to previous figure 7.24, revised from 7.28$ in August Stats NZ 🇺🇸 In the week ending 14 October, U.S. Initial Unemployment Insurance Claims dropped to 198K compared to previous figure 209K Department of Labor 🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in October exceed forecast and improved to -9 points compared to previous figure -13.5 points in September 🇺🇸 U.S. Building Permits (1-mth) in September dropped to 1.475M compared to previous figure 1.541M (revised from 1.543M) Census Bureau
What can we expect from NZDUSD today?
NZDUSD on Thursday dropped -0.28% to 0.58397. 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 0.58143 with break below could see further selling pressure towards S2 at 0.57888. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.58664 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.58149 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:
| R3 | 0.59173 |
| R2 | 0.58918 |
| R1 | 0.58658 |
| Daily Pivot | 0.58403 |
| S1 | 0.58143 |
| S2 | 0.57888 |
| S3 | 0.57628 |
You might be interested in:
Powell, Opening Remarks. Federal Reserve New Residential Construction. Census Bureau Manufacturing and Trade Inventories and Sales. Census Bureau 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
