NZDUSD on Thursday rose 0.49% to 0.62494. Pair in consolidation. What is going on.

NZDUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.49%	30.5 Pips
Week to-date	-0.53%	-32.9 Pips
March	0.77%	47.9 Pips

Upcoming key events (London Time)

Fri 12:30 PM USD Durable Goods Orders
Fri 12:30 PM USD Nondefense Capital Goods excluding Aircraft

What happened lately

📆 🇺🇸 USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source
📆 ☢️ 🇺🇸 USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source

What can we expect from NZDUSD today?

NZDUSD on Thursday rose 0.49% to 0.62494. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.62107 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.62942 or trades above daily pivot 0.62525. While to the downside, the daily low of 0.62138 and 0.62107 (S1) as immediate support levels. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.62942 would suggest bullish bias after recent positive movement.

For the week to-date, take note that NZDUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

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U.S. International Transactions, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
Index Suggests Economic Growth Declined in February Source: Chicago Fed
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting Source: Federal Reserve
Federal Reserve issues FOMC statement Source: Federal Reserve

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