NZDUSD on Wednesday dropped -0.29% to 0.62529. Pair in consolidation. How it happened.

NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.29%	-18.5 Pips
Week to-date	0.77%	47.5 Pips
December	1.62%	99.7 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP Annualized
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇳🇿 New Zealand ANZ – Roy Morgan Consumer Confidence in December rose to 93.1 points compared to previous figure 91.9 points in November
🇺🇸 U.S. Housing Starts (1-mth) in November exceed forecast and rose to 1.56M compared to previous figure 1.359, revised from 1.372M in October Source: Census Bureau
🇺🇸 U.S. Building Permits (1-mth) in November below forecast and dropped to 1.46M compared to previous figure 1.498, revised from 1.487M in October Source: Census Bureau

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What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -0.29% to 0.62529. 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 0.62254 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.62984 or trades above daily pivot 0.62619. Break above could target R1 at 0.62894. While to the downside, we are looking at 0.62254 (S1) and daily low of 0.62344 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.62344 would indicate selling pressure.

For the week to-date, take note that NZDUSD is bullish as the pair continued to trade higher and is up by 0.77% over the past few days.

Key levels to watch out: