NZDUSD on Thursday dropped -0.11% to 0.6099. Pair in consolidation. Things to look out.

NZDUSD on Thursday dropped -0.11% to 0.6099. Pair in consolidation. Things to look out.

Open High Low Close
0.61130 0.61509 0.60905 0.60990

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.11% -6.9 Pips
Week to-date -1.98% -123 Pips
March -1.91% -118.8 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

๐Ÿ“† ๐Ÿ‡ณ๐Ÿ‡ฟ NZD BusinessNZ PMI in February exceed forecast and rose to 52 points compared to previous figure 50.8 points in January. Source
๐Ÿ‡บ๐Ÿ‡ธ ๐Ÿ“† USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source

What can we expect from NZDUSD today?

NZDUSD on Thursday dropped -0.11% to 0.6099. Price is below 9-Day EMA while Stochastic is falling but in oversold zone.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.60760 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.6151 or trades above daily pivot 0.61135 while to the downside, the daily low of 0.6090 and 0.60760 (S1) as key support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.6090 would indicate selling pressure.

For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -1.98%.

Key levels to watch out:

R3 0.61968
R2 0.61739
R1 0.61364
Daily Pivot 0.61135
S1 0.60760
S2 0.60531
S3 0.60156

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