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
๐บ๐ธ 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
๐บ๐ธ 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
๐บ๐ธ 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
๐ณ๐ฟ ANZ โ Roy Morgan Consumer Confidence in May dropped to 79.2 points compared to previous figure 79.3 points in April
๐บ๐ธ 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
๐บ๐ธ 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
๐บ๐ธ 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
๐ณ๐ฟ 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
๐บ๐ธ 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
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
#NZDUSD trending on Twitter
[custom-twitter-feeds hashtag=”#NZDUSD” num=3 showheader=false]
Important Notice: We do not endorsed nor verified the posts provided by Twitter widget.