NZDUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.73% | 45.6 Pips |  |
||
| Week 2023-05-19 | 1.32% | 81.6 Pips |  |
||
| May | 1.42% | 87.6 Pips | |
||
Upcoming key events for the new week (London Time)
Tue 11:45 PM NZD Retail Trade Turnover (3-mth) Wed 03:00 AM NZD Monetary Policy Statement Wed 03:00 AM NZD RBNZ Interest Rate Decision (Official Cash Rate) Wed 03:00 AM NZD RBNZ Official Cash Rate Statement Wed 04:00 AM NZD RBNZ Press Conference
Wed 07:00 PM USD FOMC Meeting Minutes 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Thu 01:30 PM USD GDP Annualized Fri 01:30 PM USD Durable Goods Orders Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
What happened over the week
🇳🇿 Exports in April rose to 6.8$ compared to previous figure 6.28, revised from 6.51$ in March Source: Stats NZ 🇳🇿 Trade Balance NZD (12-mth) in April exceed forecast and dropped to -16.8$ compared to previous figure -16.76, revised from -16.4$ in March Source: Stats NZ 🇳🇿 Imports in April dropped to 6.38$ compared to previous figure 7.87, revised from 7.78$ in March Source: Stats NZ 🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Source: Census Bureau 🇺🇸 Advance Monthly Retail Trade (1-mth) in April below forecast and rose to 0.4% compared to previous figure -0.6, revised from -1% in March Source: Census Bureau
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday rose 0.73% to 0.62706. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2023-05-19, the pair rose 1.32% or 81.6 pips higher.
Looking ahead on Monday, NZDUSD looks bullish as the pair ended higher after 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 0.63053 or at least consolidates above Weekly Pivot level of 0.62533. On the downside, we are looking at week low 0.61840 or 0.62013 (WS1) as immediate support level. NZDUSD need to break on either side to indicate a short-term bias. A break above 0.63053 would suggest bullish bias after recent positive movement.
For the month of May, NZDUSD is up by 1.42% or 87.6 pips higher.
Weekly key levels to watch out:
| R3 | 0.64439 |
| R2 | 0.63746 |
| R1 | 0.63226 |
| Weekly Pivot | 0.62533 |
| S1 | 0.62013 |
| S2 | 0.61320 |
| S3 | 0.60800 |
You might also be interested in:
New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
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