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NZDUSD on Friday dropped -0.24% to 0.60480. Week ending 2023-05-26 moved lower by -3.55%. What you need to know.

NZDUSD on Friday dropped -0.24% to 0.60480. Week ending 2023-05-26 moved lower by -3.55%. What you need to know.

NZDUSD Analysis

Performance
Period Pct Chg Momentum
Friday -0.24% -14.4 Pips
Week 2023-05-26 -3.55% -222.6 Pips
May -2.18% -135 Pips

Upcoming key events for the new week (London Time)

Mon 06:00 AM USD Memorial Day
Thu 01:15 PM USD ADP Non-Farm Employment Change
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened over the week

๐Ÿ‡บ๐Ÿ‡ธ UoM 5-year Consumer Inflation Expectation in May exceed forecast and dropped to 3.1% compared to previous figure 3.2% in April Source: University of Michigan
๐Ÿ‡บ๐Ÿ‡ธ Michigan Index of Consumer Sentiment in May exceed forecast and rose to 59.2 points compared to previous figure 57.7 points in April Source: University of Michigan
๐Ÿ‡บ๐Ÿ‡ธ Core Personal Consumption Expenditures – Price Index (12-mth) in April exceed forecast and rose to 4.7% compared to previous figure 4.6% in March Source: Bureau of Economic Analysis
USD Durable Goods Orders excluding Transportation in April dropped to -0.2% compared to previous figure 0.3% (revised from 0.3%). Source: Census Bureau
๐Ÿ‡ณ๐Ÿ‡ฟ ANZ โ€“ Roy Morgan Consumer Confidence in May dropped to 79.2 points compared to previous figure 79.3 points in April
๐Ÿ‡บ๐Ÿ‡ธ GDP Annualized in Q1 preliminary estimate exceed forecast and rose to 1.3% compared to previous figure 1.1% in Q4 Source: Bureau of Economic Analysis
๐Ÿ‡บ๐Ÿ‡ธ In the week ending 20 May, the Initial Unemployment Insurance Claims rose to 229K compared to previous figure 225K (revised from 242K) Source: Department of Labor
๐Ÿ‡บ๐Ÿ‡ธ Chicago Fed National Activity Index in April exceed forecast and rose to 0.07 points compared to previous figure -0.37, revised from -0.19 points in March
๐Ÿ‡ณ๐Ÿ‡ฟ RBNZ Interest Rate Decision (Official Cash Rate) rose to 5.5% compared to previous rate 5.25% Source: Reserve Bank of New Zealand
NZD Retail Trade Turnover (3-mth) in Q1 dropped to -4.1% compared to previous figure -0.6% (revised from -0.6%). Source: Stats NZ
๐Ÿ‡บ๐Ÿ‡ธ New Residential Sales (1-mth) in April exceed forecast and rose to 0.683M compared to previous figure 0.656, revised from 0.683M in March Source: Census Bureau




NZDUSD Daily Chart by TradingView

What can we expect from NZDUSD for the new week and what happened on Friday?

NZDUSD on Friday dropped -0.24% to 0.60480. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2023-05-26, the pair dropped -3.55% or -222.6 pips lower.

Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.60310.

For the new week, our technical outlook looks bearish, immediate support level is at 0.59519 (WS1) with break below could see further selling pressure towards 0.58557 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.63024 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 0.60310 would indicate selling pressure.

For the month of May, NZDUSD is down by -2.18% or -135 pips lower.

Weekly key levels to watch out:

R3 0.64947
R2 0.63985
R1 0.62233
Weekly Pivot 0.61271
S1 0.59519
S2 0.58557
S3 0.56805

You might also be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Advance Retail Inventories Source: Census Bureau
Advance U.S. International Trade in Goods Source: Census Bureau
Advance Wholesale Inventories Source: Census Bureau
Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), First Quarter 2023 Source: Bureau of Economic Analysis
Minutes of the Federal Open Market Committee, May 2-3, 2023 Source: Federal Reserve
New Home Sales Source: Census Bureau
Retail activity falls for the second quarter in a row Source: Stats NZ
Official Cash Rate (OCR) set to remain restrictive Source: RBNZ
Gross Domestic Product for the U.S. Virgin Islands, 2021 Source: Bureau of Economic Analysis

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