|Performance after Wednesday|
|Week to-date||2.73%||170.4 Pips|
Upcoming key events (London Time)
Fri 03:00 PM USD Michigan Consumer Sentiment Index
What happened lately
📆 🇳🇿 NZD REINZ House Price Index (MoM) in July dropped to -2.8% compared to previous figure -1.9% in June. Source
📆 🇺🇸 USD Consumer Price Index Core s.a in July exceed forecast and rose to 295.28 compared to previous figure 294.35 in June. Source
USD Nonfarm Productivity in Q2 preliminary estimate rose to -4.6% compared to previous figure -7.4% (revised from -7.3%). Source
📆 🇳🇿 NZD RBNZ Inflation Expectations (QoQ) in Q3 dropped to 3.07% compared to previous figure 3.29% in Q2. Source
What can we expect from NZDUSD today?
NZDUSD on Wednesday rose 1.98% to 0.6408. Price is above 9-Day EMA while Stochastic is rising.
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 0.64707 (R1) while on the downside, we are looking at daily low of 0.6272 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 0.6434 would suggest bullish bias after recent positive movement.
For the week to-date, take note that NZDUSD is bullish as the pair continued to trade higher and is up by 2.73% over the past few days.
Key levels to watch out:
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CPI for all items unchanged in July as fall in gasoline offsets shelter, food increases Source: Bureau of Labor Statistics Publications
Productivity decreases 4.6% in Q2 2022; unit labor costs increase 10.8% (annual rates) Source: Bureau of Labor Statistics Publications
Last updated: 12:35 am UTC, 11-Aug 2022
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