NZDUSD on Wednesday dropped -1.5% to 0.59932. What we know.

NZDUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-1.5%	-91 Pips
Week to-date	-0.03%	-1.7 Pips
August	0.7%	41.4 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Monthly Retail Trade (1-mth)

What happened lately

🇺🇸 U.S. CPI Inflation Rate (1-mth) increased to 0.2% in July from -0.1% in June. Source: Bureau of Labor Statistics
The U.S. CPI Inflation Rate excluding Food and Energy sectors increased to 0.2% in July from 0.1% in June. Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in July dropped to 3.2%, down from 3.3% in June. Source: Bureau of Labor Statistics
🇺🇸 The U.S. CPI inflation rate for July dropped to 2.9% from the previous figure of 3% in June. Source: Bureau of Labor Statistics
🇳🇿 New Zealand RBNZ Interest Rate Decision (Official Cash Rate) below forecast and dropped to 5.25% compared to previous rate 5.5% Source: Reserve Bank of New Zealand
🇺🇸 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

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What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -1.5% to 0.59932. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for NZDUSD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at S1 0.5963 with break below could see further selling pressure towards S2 at 0.59329. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.60835 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.59931 would indicate selling pressure.

For the week to-date, take note that NZDUSD is mixed as compared to the prior week.

Key levels to watch out:

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