NZDUSD on Tuesday dropped -0.62% to 0.6213. Buyers beware. What happened.

NZDUSD by TradingView

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.62%	-38.9 Pips
Week to-date	-0.50%	-31 Pips
February	-3.49%	-224.4 Pips

Upcoming key events (London Time)

Wed 01:00 AM NZD Monetary Policy Statement
Wed 01:00 AM NZD RBNZ Interest Rate Decision
Wed 01:00 AM NZD RBNZ Rate Statement
Wed 02:00 AM NZD RBNZ Press Conference
Wed 07:00 PM USD FOMC Minutes
Thu 01:30 PM USD Gross Domestic Product Annualized

What happened lately

📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source

What can we expect from NZDUSD today?

NZDUSD on Tuesday dropped -0.62% to 0.6213. Price is below 9-Day EMA while Stochastic is rising but in oversold zone.

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

Looking ahead for the day, immediate support level is at 0.61890 (S1) with break below could see further selling pressure towards 0.61649 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.6261 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 0.6201 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:

You might also be interested in:

No major reports.

Last updated: 11:35 pm UTC, 21-Feb 2023

#NZDUSD Trending on Twitter