NZDUSD on Wednesday dropped -0.45% to 0.61125. What we know.

NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.45%	-27.4 Pips
Week to-date	-0.15%	-9.2 Pips
May	3.95%	232.4 Pips

Upcoming key events (London Time)

Thu 03:00 AM NZD Budget Release
Thu 01:30 PM USD GDP Annualized
Fri 12:00 AM NZD RBNZ’s Governor Adrian Orr speech
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 Building Permits seasonal adjustment. (1-mth) in April dropped to -1.9% compared to previous figure -0.2% in March Source: Stats NZ
🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.1% compared to previous figure 1.2% in February

Latest from X (Twitter)

Tweets by Stats NZ

What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -0.45% to 0.61125. Price is below 9-Day EMA while Stochastic is rising.

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 0.60978 with break below could see further selling pressure towards S2 at 0.6083. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.61477 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.61080 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: