NZDUSD on Thursday dropped -0.5% to 0.59728. Why it matters.

NZDUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.5%	-30.3 Pips
Week to-date	-0.32%	-19.2 Pips
March	-1.86%	-113.5 Pips

Upcoming key events (London Time)

Fri 12:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
Fri 12:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
Fri 03:30 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇺🇸 U.S. Michigan Index of Consumer Sentiment in March rose to 79.4 points compared to previous figure 76.5 points in February Source: University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in March dropped to 2.8% compared to previous figure 2.9% in February Source: University of Michigan
🇺🇸 In the week ending 23 March, U.S. Initial Unemployment Insurance Claims dropped to 210K compared to previous figure 212K (revised from 210K) Source: Department of Labor
🇳🇿 New Zealand ANZ – Roy Morgan Consumer Confidence in February dropped to 86.4 points compared to previous figure 94.5 points in January

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What can we expect from NZDUSD today?

NZDUSD on Thursday dropped -0.5% to 0.59728. 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 Thursday trading session.

Looking ahead for the day, immediate support level is at S1 0.59511 with break below could see further selling pressure towards S2 at 0.59295. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.60040 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.59559 would indicate selling pressure.

For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -0.32%.

Key levels to watch out:

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