NZDUSD on Friday dropped -0.77% to 0.62010. Week ending 2023-03-24 moved lower by -1.05%. What happened.

NZDUSD on Friday dropped -0.77% to 0.62010. Week ending 2023-03-24 moved lower by -1.05%. What happened.

NZDUSD Analysis

Week ending 2023-03-24
Open High Low Close
0.62752 0.62942 0.61650 0.62010
Period Pct Chg Momentum
Friday -0.77% -48.4 Pips
Week 2023-03-24 -1.05% -65.6 Pips
March 0.27% 16.9 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM USD GDP (12-mth)

What happened over the week

๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD S&P Global Manufacturing PMI in March preliminary estimate exceed forecast and rose to 49.3 points compared to previous figure 47.3 points in February. Source
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡บ๐Ÿ‡ธ USD Durable Goods Orders in February below forecast and improved to -1% compared to previous figure -5, revised from -4.5% in January. Source
๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡บ๐Ÿ‡ธ USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source

NZDUSD Chart by TradingView

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

NZDUSD on Friday dropped -0.77% to 0.62010. Price is neutral near 9-Day EMA while Stochastic is rising. For the week ending 2023-03-24, the pair dropped -1.05% or -65.6 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 0.62942 or at least consolidates above Weekly Pivot level of 0.62201. On the downside, we are looking at week low 0.61650 or 0.61459 (WS1) as immediate support level. NZDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.61650 would indicate selling pressure.

For the month of March, NZDUSD is up by 0.27% or 16.9 pips higher.

Weekly key levels to watch out:

R3 0.64043
R2 0.63493
R1 0.62751
Weekly Pivot 0.62201
S1 0.61459
S2 0.60909
S3 0.60167

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Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
New Home Sales Source: Census Bureau
U.S. International Transactions, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
Index Suggests Economic Growth Declined in February Source: Chicago Fed
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting Source: Federal Reserve
Federal Reserve issues FOMC statement Source: Federal Reserve
Quarterly Financial Report Source: Census Bureau
Quarterly Financial Report – Retail Source: Census Bureau
Coordinated central bank action to enhance the provision of U.S. dollar liquidity Source: Federal Reserve

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