NZDUSD on Wednesday dropped -0.47% to 0.60202. What we know.

NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.47%	-28.6 Pips
Week to-date	0.58%	34.8 Pips
November	3.79%	219.6 Pips

Upcoming key events (London Time)

Thu 09:45 PM NZD Retail Trade Turnover (3-mth)

What happened lately

🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Census Bureau

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What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -0.47% to 0.60202. Price is above 9-Day EMA while Stochastic is rising.

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 0.59893 with break below could see further selling pressure towards S2 at 0.59584. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.60639 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.59957 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:

You might be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
Minutes of the Federal Open Market Committee, October 31-November 1, 2023. Federal Reserve