NZDUSD on Thursday rose 0.19% to 0.6230. Pair in consolidation. How it happened.

NZDUSD by TradingView

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.19%	12 Pips
Week to-date	-0.26%	-16 Pips
February	-3.23%	-207.8 Pips

Upcoming key events (London Time)

No further events

What happened lately

📆 🇺🇸 USD Core Personal Consumption Expenditures (QoQ) in Q4 preliminary estimate exceed forecast and rose to 4.3% compared to previous figure 3.9% in Q3. Source
📆 ☢️ 🇺🇸 USD Gross Domestic Product Annualized in Q4 preliminary estimate below forecast and dropped to 2.7% compared to previous figure 2.9% in Q3. Source
🇺🇸 📆 USD In the week ending 18 February, the Initial Jobless Claims dropped to 192K compared to previous figure 195K (revised from 194K). Source
📆 🇺🇸 USD Chicago Fed National Activity Index in January exceed forecast and rose to 0.23 points compared to previous figure -0.46, revised from -0.49 points in December. Source
📆 ☢️ 🇳🇿 NZD RBNZ Interest Rate Decision rose to 4.75% compared to previous rate 4.25%. Source
📆 🇺🇸 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 Thursday rose 0.19% to 0.6230. Price is below 9-Day EMA while Stochastic is falling but in oversold zone.

Updated daily direction for NZDUSD looks mixed as the pair is likely to consolidate above 0.62034 (S1).

Looking ahead today, we are looking at 0.6252 or 0.62533 (R1) as important resistance level while to the downside, the daily low of 0.6201 and 0.62034 (S1) as key support levels. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.6251 would suggest bullish bias after recent positive movement.

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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Minutes of the Federal Open Market Committee, January 31–February 1, 2023 Source: Federal Reserve
Reserve Bank increases the Official Cash Rate Source: RBNZ

Last updated: 11:36 pm UTC, 23-Feb 2023

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