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NZDUSD on Wednesday dropped -2.22% to 0.61071. What we know.

NZDUSD on Wednesday dropped -2.22% to 0.61071. What we know.

NZDUSD Analysis

Performance after Wednesday
Period Pct Chg Momentum
Wednesday -2.22% -138.7 Pips
Week to-date -2.61% -163.5 Pips
May -1.23% -75.9 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP Annualized
Fri 01:30 PM USD Durable Goods Orders
Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft

What happened lately

🇳🇿 RBNZ Interest Rate Decision (Official Cash Rate) rose to 5.5% compared to previous rate 5.25% Reserve Bank of New Zealand
NZD Retail Trade Turnover (3-mth) in Q1 dropped to -4.1% compared to previous figure -0.6% (revised from -0.6%). Stats NZ
🇺🇸 New Residential Sales (1-mth) in April exceed forecast and rose to 0.683M compared to previous figure 0.656, revised from 0.683M in March Census Bureau


NZDUSD 4-hour Chart by TradingView

What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -2.22% to 0.61071. Price is below 9-Day EMA while Stochastic is falling.

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 0.60466 with break below could see further selling pressure towards S2 at 0.59861. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.62564 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.60910 would indicate selling pressure.

For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -2.61%.

Key levels to watch out:

R3 0.63774
R2 0.63169
R1 0.6212
Daily Pivot 0.61515
S1 0.60466
S2 0.59861
S3 0.58812

You might be interested in:

Minutes of the Federal Open Market Committee, May 2-3, 2023. Federal Reserve
New Home Sales. Census Bureau
Retail activity falls for the second quarter in a row. Stats NZ
Official Cash Rate (OCR) set to remain restrictive. RBNZ
Gross Domestic Product for the U.S. Virgin Islands, 2021. Bureau of Economic Analysis

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