NZDUSD on Friday rose 0.55% to 0.61325. Week ending 2023-03-10 moved lower by -1.44%. Pair in consolidation. What you need to know.

NZDUSD by TradingView

Performance
Period	Pct	Chg	Momentum
Friday	0.55%	33.8 Pips
Week 2023-03-10	-1.44%	-89.5 Pips
March	-0.83%	-51.6 Pips

Upcoming key events for the new week (London Time)

Tue 12:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth)
Wed 12:30 PM USD Retail Sales (1-mth)
Wed 12:30 PM USD Retail Control Group
Wed 09:45 PM NZD GDP (3-mth)

What happened over the week

📆 ☢️ 🇺🇸 USD Nonfarm Payroll Employment in February exceed forecast and dropped to 311K compared to previous figure 504, revised from 517K in January. Source
🇺🇸 📆 USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
📆 🇺🇸 USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
📆 🇺🇸 USD Factory Orders (1-mth) in January below forecast and dropped to -1.6% compared to previous figure 1.7, revised from 1.8% in December. Source

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

NZDUSD on Friday rose 0.55% to 0.61325. Price is below 9-Day EMA while Stochastic is rising but in oversold zone. For the week ending 2023-03-10, the pair dropped -1.44% or -89.5 pips lower.

Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.60838.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.62255 or at least consolidates above Weekly Pivot level of 0.61473. On the downside, we are looking at week low 0.60838 or 0.60690 (WS1) as immediate support level. NZDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.60838 would indicate selling pressure.

For the month of March, NZDUSD is down by -0.83% or -51.6 pips lower.

Weekly key levels to watch out:

You might also be interested in:

January job openings and quits decrease; layoffs and discharges increase Source: Bureau of Labor Statistics Publications
U.S. International Trade in Goods and Services, January 2023 Source: Bureau of Economic Analysis
U.S. International Trade in Goods and Services Source: Census Bureau
Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
Powell, Semiannual Monetary Policy Report to the Congress Source: Federal Reserve
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau

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