NZDUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.35% | -21.6 Pips |  |
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| Week to-date | 0.2% | 12.2 Pips |  |
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| June | 0.72% | 44.3 Pips | |
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Upcoming key events (London Time)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 U.S. Producer Price Index ex Food & Energy (1-mth) in May dropped to 0% compared to previous figure 0.5% in April 🇺🇸 U.S. Interest Rate Projections – 2nd year unchanged at 3.1% compared to previous rate 3.1% 🇺🇸 U.S. Interest Rate Projections rose to 5.1% compared to previous rate 4.6% 🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve 🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and rose to 4.1% compared to previous rate 3.9% 🇺🇸 U.S. Interest Rate Projections – Longer rose to 2.8% compared to previous rate 2.6% 🇺🇸 U.S. Monthly Budget Statement in May dropped to -347$ compared to previous figure 209.5$ in April Source: Bureau of the Fiscal Service 🇺🇸 U.S. CPI Inflation Rate (1-mth) in May dropped to 0% compared to previous figure 0.3% in April Source: Bureau of Labor Statistics 🇺🇸 U.S. CPI Inflation Rate (12-mth) in May dropped to 3.3% compared to previous figure 3.4% in April Source: Bureau of Labor Statistics
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What can we expect from NZDUSD today?
NZDUSD on Thursday dropped -0.35% to 0.61608. Price is below 9-Day EMA while Stochastic is falling.
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 0.61474 with break below could see further selling pressure towards S2 at 0.6134. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.61986 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.61596 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:
| R3 | 0.62254 |
| R2 | 0.6212 |
| R1 | 0.61864 |
| Daily Pivot | 0.6173 |
| S1 | 0.61474 |
| S2 | 0.6134 |
| S3 | 0.61084 |
