NZDUSD Analysis
| Performance after Wednesday | |||
| Period | Pct | Chg | Momentum |
| Wednesday | -0.34% | -20.0 Pips | ▼ |
| Week to-date | 0% | 0 Pips | ▼ |
| June | -3.21% | -192.0 Pips | ▼ |
Upcoming key events (GMT+8)
| Time (GMT+8) | Currency | Impact | Event |
| Thu 08:30 PM | USD | HIGH | PPI excluding Food and Energy sectors (12-mth) |
| Fri 10:00 PM | USD | HIGH | Index of Consumer Sentiment |
What happened lately
The NZDUSD pair experienced a decline of 0.34% on Wednesday, closing at 0.57960. The trading session saw the pair reach a high of 0.58320 and a low of 0.57930.
The recent price movement comes in the wake of the latest U.S. Consumer Price Index (CPI) inflation data release. The CPI inflation rate for the month was reported at 0.5%, which was in line with market expectations and slightly lower than the previous month’s figure of 0.6%. This data release, occurring at 20:30 GMT+8, is a high-impact event that often influences currency markets, including the NZDUSD pair.
Looking ahead, market participants are likely to focus on upcoming U.S. economic indicators. On Thursday at 20:30 GMT+8, the Producer Price Index (PPI) excluding food and energy sectors will be released, followed by the Index of Consumer Sentiment on Friday at 22:00 GMT+8. Both events are categorized as having a high impact, suggesting they could further influence the USD and, consequently, the NZDUSD exchange rate.
Overall, the market sentiment appears cautious, with traders closely monitoring U.S. economic data releases for further direction. The alignment of the CPI data with expectations may have contributed to the subdued movement in the NZDUSD pair, as investors await further clarity from upcoming economic reports.
What can we expect from NZDUSD today?
The NZDUSD pair is experiencing a bearish trend as it closed down 0.34% on Tuesday, with the price below the 9-day EMA and a falling stochastic indicator. The pair’s weekly performance remains flat, indicating mixed sentiment.
📈 Bull Scenario A bullish scenario for NZDUSD could emerge if the pair manages to break above the daily pivot point at 0.5807. This movement could lead to testing the first resistance level at 0.5821. Should the bullish momentum continue, the next target would be the second resistance level at 0.5846. | 📉 Bear Scenario On the downside, if the NZDUSD continues its bearish trajectory, it could test the first support level at 0.5782. A sustained move below this level may open the path towards the second support level at 0.5768. The current bearish daily outlook supports this scenario. |
Key levels to watch out:
| R3 | 0.586 |
| R2 | 0.5846 |
| R1 | 0.5821 |
| Daily Pivot | 0.5807 |
| S1 | 0.5782 |
| S2 | 0.5768 |
| S3 | 0.5743 |