NZDUSD on Wednesday dropped -0.89% to 0.6279. Selling pressure. Why it matters.

NZDUSD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.89%	-56.4 Pips
Week to-date	-0.39%	-24.8 Pips
February	-2.45%	-158 Pips

Upcoming key events (London Time)

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What happened lately

📆 ☢️ 🇺🇸 USD Retail Sales Control Group in January exceed forecast and rose to 1.7% compared to previous figure -0.7% in December. Source
📆 ☢️ 🇺🇸 USD Consumer Price Index ex Food & Energy (YoY) in January exceed forecast and dropped to 5.6% compared to previous figure 5.7% in December. Source
📆 🇳🇿 NZD RBNZ Inflation Expectations (QoQ) in Q1 dropped to 3.3% compared to previous figure 3.62% in Q4. Source

What can we expect from NZDUSD today?

NZDUSD on Wednesday dropped -0.89% to 0.6279. 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 0.62415 (S1) with break below could see further selling pressure towards 0.62036 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.6334 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. NZDUSD need to break on either side to indicate a short-term bias. A close below 0.6250 would indicate selling pressure.

For the week to-date, take note that NZDUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

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CPI for all items rises 0.5% in January as shelter increases Source: Bureau of Labor Statistics Publications

Last updated: 11:35 pm UTC, 15-Feb 2023

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