NZDUSD on Wednesday rose 1.10% to 0.6252. Potential upside. Why it matters.

NZDUSD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	1.10%	67.9 Pips
Week to-date	1.45%	89.1 Pips
February	-3.94%	-253.4 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD ISM Services PMI

What happened lately

📆 ☢️ 🇺🇸 USD ISM Manufacturing PMI in February below forecast and rose to 47.7 points compared to previous figure 47.4 points in January. Source
📆 🇺🇸 USD S&P Global Manufacturing PMI in February below forecast and dropped to 47.3 points compared to previous figure 47.8 points in January. Source
📆 🇳🇿 NZD Building Permits s.a. (MoM) in January exceed forecast and improved to -1.5% compared to previous figure -7.1, revised from -7.2% in December. Source
📆 🇺🇸 USD Chicago Purchasing Managers’ Index in February below forecast and dropped to 43.6 points compared to previous figure 44.3 points in January. Source
📆 🇺🇸 USD Pending Home Sales (MoM) in January exceed forecast and rose to 8.1% compared to previous figure 1.1, revised from 2.5% in December. Source
📆 ☢️ 🇺🇸 USD Durable Goods Orders in January exceed forecast and dropped to -4.5% compared to previous figure 5.1, revised from 5.6% in December. Source
📆 🇳🇿 NZD Retail Sales ex Autos (QoQ) in Q4 below forecast and dropped to -1.3% compared to previous figure 0.4% in Q3. Source
📆 ☢️ 🇳🇿 NZD Retail Sales (QoQ) in Q4 below forecast and dropped to -0.6% compared to previous figure 0.4% in Q3. Source

What can we expect from NZDUSD today?

NZDUSD on Wednesday rose 1.10% to 0.6252. Price is above 9-Day EMA while Stochastic is rising but in oversold zone.

Updated daily direction for NZDUSD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is at 0.62977 (R1) while on the downside, we are looking at daily low of 0.6163 as an important support. Break below this level could weaken the current bullish momentum. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.6276 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:

You might also be interested in:

Minutes of the Board’s discount rate meetings from January 23 and February 1, 2023 Source: Federal Reserve
Advance Retail Inventories Source: Census Bureau
Advance U.S. International Trade in Goods Source: Census Bureau
Advance Wholesale Inventories Source: Census Bureau
Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau

Last updated: 11:33 pm UTC, 01-Mar 2023

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