NZDUSD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.21% | -12.3 Pips |  |
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| Week to-date | -0.15% | -9 Pips |  |
||
| October | -5.91% | -375.3 Pips | |
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Upcoming key events (London Time)
Wed 12:30 PM USD GDP annual rate Thu 12:30 PM USD PCE Price Index, excluding food and energy (12-mth)
What happened lately
The latest economic data shows that there are no significant news updates affecting the financial markets at present. On Tuesday, the NZDUSD pair experienced a decline, dropping by 0.21% to reach 0.59700. This movement in the currency pair suggests a shift in market sentiment or adjustments in response to current economic conditions.
Looking ahead, two key economic events in the United States are anticipated to potentially influence market dynamics. On Wednesday, the USD GDP annual rate is scheduled to be released at 12:30 PM, garnering high attention due to its implications for economic growth. Following that, on Thursday at the same time, the USD PCE Price Index, excluding food and energy for the past 12 months, will be announced. These economic indicators are crucial as they provide insights into the economic performance and inflationary pressures in the U.S., which can influence monetary policy decisions and investor sentiment.
The current and upcoming economic events reported by Economic Recap could likely impact the NZDUSD exchange rate. As the U.S. GDP and PCE Price Index are high-impact events, they are likely to attract significant attention from investors and traders, potentially leading to increased volatility in the financial markets. A stronger than expected GDP growth or PCE price index could bolster the U.S. dollar, leading to further pressure on the NZDUSD, encouraging a downtrend. Conversely, weaker results might provide relief and allow for a rebound in the New Zealand dollar against its American counterpart. Traders will be closely watching these outcomes to adjust their positions and strategies accordingly, thereby influencing the direction and momentum of the NZDUSD pair in the short to medium term. Therefore, these upcoming high-impact U.S. economic data releases are crucial for understanding potential currency pair dynamics, especially in determining the future trajectory of the NZDUSD exchange rate.
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What can we expect from NZDUSD today?
NZDUSD on Tuesday dropped -0.21% to 0.59700. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for NZDUSD looks bearish as the pair posted lower in Tuesday trading session.
Looking ahead for the day, immediate support level is at S1 0.59521 with break below could see further selling pressure towards S2 at 0.59342. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.59895 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.59529 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:
| R3 | 0.60253 |
| R2 | 0.60074 |
| R1 | 0.59887 |
| Daily Pivot | 0.59708 |
| S1 | 0.59521 |
| S2 | 0.59342 |
| S3 | 0.59155 |
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