NZDUSD on Wednesday rose 0.3% to 0.61823. Pair in consolidation. What we know.

NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.3%	18.4 Pips
Week to-date	0.98%	60 Pips
February	1.06%	64.9 Pips

Upcoming key events (London Time)

Thu 09:45 PM NZD Retail Trade Turnover (3-mth)

What happened lately

🇳🇿 New Zealand Imports in January dropped to 5.91$ compared to previous figure 6.22, revised from 6.26$ in December Source: Stats NZ
🇳🇿 New Zealand Trade Balance NZD (12-mth) in January improved to -12.5$ compared to previous figure -13.62, revised from -13.57$ in December Source: Stats NZ
🇳🇿 New Zealand Exports in January dropped to 4.93$ compared to previous figure 5.85, revised from 5.94$ in December Source: Stats NZ
🇳🇿 New Zealand Producer Price Index – Output (3-mth) in Q4 dropped to 0.7% compared to previous figure 0.8% in Q3

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What can we expect from NZDUSD today?

NZDUSD on Wednesday rose 0.3% to 0.61823. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.61634 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.61976 or trades above daily pivot 0.61805. Break above could target R1 at 0.61994. While to the downside, we are looking at 0.61634 (S1) and daily low of 0.61616 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.61976 may suggest continuation after recent positive movement.

For the week to-date, take note that NZDUSD is bullish as the pair continued to trade higher and is up by 0.98% over the past few days.

Key levels to watch out: