NZDUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.58% | -36 Pips |  |
||
| Week 2023-06-23 | -1.49% | -93 Pips |  |
||
| June | 2.04% | 123 Pips |  |
||
Upcoming key events for the new week (London Time)
Tue 01:30 PM USD Durable Goods Orders Tue 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft Wed 09:30 PM USD Bank Stress Test Info 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Thu 01:30 PM USD GDP Annualized (12-mth)
What happened over the week
🇺🇸 U.S. Chicago Fed National Activity Index in May below forecast and dropped to -0.15 points compared to previous figure 0.07 points in April 
🇳🇿 New Zealand Trade Balance NZD (12-mth) in May exceed forecast and dropped to -17.12$ compared to previous figure -17.02, revised from -16.8$ in April Source: Stats NZ 🇳🇿 New Zealand Exports in May rose to 6.99$ compared to previous figure 6.61, revised from 6.8$ in April Source: Stats NZ 🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Source: Census Bureau
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday dropped -0.58% to 0.61400. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-06-23, the pair dropped -1.49% or -93 pips lower.
Looking ahead on Monday, NZDUSD looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.62366 or at least consolidates above Weekly Pivot level of 0.61644. On the downside, we are looking at week low 0.61165 or 0.60921 (WS1) as immediate support level. NZDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.61165 would indicate selling pressure.
For the month of June, NZDUSD is up by 2.04% or 123 pips higher.
Weekly key levels to watch out:
| R3 | 0.63323 |
| R2 | 0.62845 |
| R1 | 0.62122 |
| Weekly Pivot | 0.61644 |
| S1 | 0.60921 |
| S2 | 0.60443 |
| S3 | 0.59720 |
You might also be interested in:
U.S. International Transactions, 1st Quarter 2023 and Annual Update Source: Bureau of Economic Analysis Powell, Semiannual Monetary Policy Report to the Congress Source: Federal Reserve Business Formation Statistics Source: Census Bureau New Residential Construction Source: Census Bureau
Recruitment of new External Members to the Monetary Policy Committee Source: RBNZ
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