NZDUSD on Thursday dropped -0.29% to 0.58996. Pair in consolidation. What we know.

NZDUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.29%	-17.4 Pips
Week to-date	-0.61%	-36.4 Pips
April	-1.29%	-77 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in April rose to 15.5 points compared to previous figure 3.2 points in March
🇺🇸 In the week ending 13 April, Initial Unemployment Insurance Claims in U.S. was unchanged at 212K compared to previous figure 212K (revised from 211K) Source: Department of Labor
🇳🇿 New Zealand CPI Inflation Rate (12-mth) in Q1 dropped to 3.7% compared to previous figure 4.7% in Q4 Source: Stats NZ

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What can we expect from NZDUSD today?

NZDUSD on Thursday dropped -0.29% to 0.58996. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.58866 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.59329 or trades above daily pivot 0.59097. Break above could target R1 at 0.59228. While to the downside, we are looking at 0.58866 (S1) and daily low of 0.58967 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.58967 would indicate selling pressure.

For the week to-date, take note that NZDUSD is bearish as the pair posted lower by -0.61%.

Key levels to watch out:

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