NZDUSD on Wednesday dropped -0.76% to 0.61600. What we know.

NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.76%	-46.9 Pips
Week to-date	-0.71%	-43.8 Pips
April	-1.55%	-97.1 Pips

Upcoming key events (London Time)

Wed 11:45 PM NZD CPI Inflation Rate (12-mth)

What happened lately

🇳🇿 CPI Inflation Rate (12-mth) in Q1 below forecast and dropped to 6.7% compared to previous figure 7.2% in Q4 Stats NZ
🇳🇿 CPI Inflation Rate (3-mth) in Q1 below forecast and dropped to 1.2% compared to previous figure 1.4% in Q4 Stats NZ
🇺🇸 Building Permits (1-mth) in March below forecast and dropped to 1.413M compared to previous figure 1.55, revised from 1.524M in February Census Bureau

What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -0.76% to 0.61600. Price is below 9-Day EMA while Stochastic is falling 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 0.61354 with break below could see further selling pressure towards S2 at 0.61109. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.62257 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.61560 would indicate selling pressure.

For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -0.71%.

Key levels to watch out:

You might be interested in:

Minutes of the Board’s discount rate meetings from February 21 through March 22, 2023. Federal Reserve
New Residential Construction. Census Bureau
Business Formation Statistics. Census Bureau

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