NZDUSD on Thursday dropped -0.3% to 0.62630. Pair in consolidation. What we know.

NZDUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.3%	-18.8 Pips
Week to-date	0.62%	38.9 Pips
August	5.23%	311.2 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD PCE Price Index, excluding food and energy (1-mth)
Fri 01:30 PM USD PCE Price Index, excluding food and energy (12-mth)

What happened lately

In July, New Zealand’s seasonally adjusted building permits rose to 26.2% from the previously reported -17%, which was revised from -13.8% in June. Source: Stats NZ
🇳🇿 New Zealand ANZ – Roy Morgan Consumer Confidence in August rose to 92.2 points, up from 87.9 points in July.
🇺🇸 U.S. Pending Home Sales (1-mth) in July dropped to -5.5%, compared to a previous figure of 4.8% in June.
🇺🇸 The U.S. GDP annual rate in the Q2 flash estimate rose to 3%, compared to the previous figure of 2.8% in Q1. Source: Bureau of Economic Analysis
🇺🇸 The U.S. GDP Price Index (Quarterly) rose to 2.5% in Q2 flash estimate, up from 2.3% in Q1. Source: Bureau of Economic Analysis
The U.S. Q2 flash estimate for PCE excluding food and energy prices (3-month) dropped to 2.8%, compared to the previous figure of 2.9% in Q1. Source: Bureau of Economic Analysis
🇺🇸 The U.S. PCE Price (3-month) for Q2’s flash estimate dropped to 2.5%, down from the previous 2.6% in Q1. Source: Bureau of Economic Analysis
🇺🇸 In the week ending 24 August, U.S. Initial Unemployment Insurance Claims dropped to 231K compared to previous figure 232K Source: Department of Labor

Latest from X (Twitter)

Tweets by Stats NZ

What can we expect from NZDUSD today?

NZDUSD on Thursday dropped -0.3% to 0.62630. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.62392 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.62985 or trades above daily pivot 0.62689. Break above could target R1 at 0.62926. While to the downside, we are looking at 0.62392 (S1) and daily low of 0.62451 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.62451 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 0.62% over the past few days.

Key levels to watch out:

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