NZDUSD on Wednesday dropped -0.09% to 0.59872. Pair in consolidation. What is going on.

NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.09%	-5.1 Pips
Week to-date	0.68%	40.2 Pips
August	0.59%	35.4 Pips

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What happened lately

🇳🇿 New Zealand’s Employment Change in Q2 rose to 0.4%, up from the previous figure of -0.2% in Q1. Source: Stats NZ
🇳🇿 New Zealand’s unemployment rate in Q2 rose to 4.6%, compared to the previous figure of 4.3% in Q1. Source: Stats NZ
New Zealand’s unemployment rate in Q2 rose to 4.6%, up from 4.3% in Q1. Source: Stats NZ
In Q2, the New Zealand Labour Force Participation Rate increased to 71.7% from 71.5% in Q1. Source: Stats NZ
🇳🇿 New Zealand’s Labour Cost Index (LCI) for Q2 increased to 0.9%, rising from the previous figure of 0.8% in Q1. Source: Stats NZ

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Tweets by Stats NZ

What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -0.09% to 0.59872. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.596 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.60249 or trades above daily pivot 0.59925. Break above could target R1 at 0.60196. While to the downside, we are looking at 0.596 (S1) and daily low of 0.59653 as support levels. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.59653 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 0.68% over the past few days.

Key levels to watch out:

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