NZDUSD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 0.99% | 59.5 Pips |  |
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| Week to-date | 1.41% | 84.7 Pips | |
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| August | 2.15% | 127.8 Pips |  |
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Upcoming key events (London Time)
Wed 03:00 AM NZD RBNZ Interest Rate Decision (Official Cash Rate)
Wed 01:30 PM USD CPI Inflation Rate (1-mth) Wed 01:30 PM USD CPI Inflation Rate (12-mth) Wed 07:00 PM NZD RBNZ’s Governor Adrian Orr speech Thu 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
🇺🇸 In July, the U.S. Producer Price Index excluding Food & Energy dropped to 0% compared to the revised June figure of 0.3%, previously reported as 0.4%. Source: Bureau of Labor Statistics 🇺🇸 The U.S. Producer Price Index (12-month) for July dropped to 2.2%, down from the revised June figure of 2.7%, which was initially reported as 2.6%. Source: Bureau of Labor Statistics The U.S. PPI excluding Food and Energy sectors (12-month) in July dropped to 2.4% compared to the previous figure of 3% in June. 🇺🇸 In July, the U.S. Producer Price Index (1-mth) dropped to 0.1% from 0.2% in June. Source: Bureau of Labor Statistics 🇺🇸 The U.S. Monthly Treasury Budget Statement in July dropped to -$244 billion compared to -$66 billion in June. Source: Bureau of the Fiscal Service
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What can we expect from NZDUSD today?
NZDUSD on Tuesday rose 0.99% to 0.60796. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for NZDUSD looks bullish as the pair ended higher after Tuesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 0.61017 with break above could target R2 at 0.61239 or figure level area. While towards the downside, we are looking at daily low of 0.60166 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.60813 may suggest continuation after recent positive movement.
For the week to-date, take note that NZDUSD is bullish as the pair continued to trade higher and is up by 1.41% over the past few days.
Key levels to watch out:
| R3 | 0.61664 |
| R2 | 0.61239 |
| R1 | 0.61017 |
| Daily Pivot | 0.60592 |
| S1 | 0.6037 |
| S2 | 0.59945 |
| S3 | 0.59723 |
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