NZDUSD on Thursday dropped -1.07% to 0.62957. What we know.

NZDUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-1.07%	-68.3 Pips
Week to-date	0.04%	2.7 Pips
May	1.82%	112.7 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 In the week ending 06 May, the Initial Unemployment Insurance Claims rose to 264K compared to previous figure 242K Department of Labor
🇺🇸 CPI Inflation Rate (12-mth) in April below forecast and dropped to 4.9% compared to previous figure 5% in March Bureau of Labor Statistics

What can we expect from NZDUSD today?

NZDUSD on Thursday dropped -1.07% to 0.62957. Price is above 9-Day EMA while Stochastic is falling in overbought 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 0.62603 with break below could see further selling pressure towards S2 at 0.6225. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.63844 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.62870 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:

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In April, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 4.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.4 percent in April (SA); up 5.5 percent over the year (NSA).. Bureau of Labor Statistics Publications
Retail card spending continues to rise in April 2023. Stats NZ

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