NZDUSD on Wednesday dropped -0.21% to 0.59914. What we know.

NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.21%	-12.7 Pips
Week to-date	-0.01%	-0.6 Pips
March	-1.56%	-95.1 Pips

Upcoming key events (London Time)

Thu 12:30 PM USD GDP Annualized
Fri 12:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
Fri 12:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇳🇿 New Zealand ANZ – Roy Morgan Consumer Confidence in February dropped to 86.4 points compared to previous figure 94.5 points in January
🇺🇸 U.S. Housing Price Index (1-mth) in January dropped to -0.1% compared to previous figure 0.1% in December
🇺🇸 U.S. Durable Goods Orders in February rose to -6.1% compared to previous figure -6.9% (revised from -6.1%) Source: Census Bureau

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What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -0.21% to 0.59914. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

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 0.59824 with break below could see further selling pressure towards S2 at 0.59734. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.60104 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.59874 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: