NZDUSD by TradingView| Week ending 2023-03-17 | |||
| Open | High | Low | Close |
| 0.61396 | 0.62772 | 0.61368 | 0.62666 |
| Performance | ||||||
| Period | Pct | Chg | Momentum | |||
| Friday | 1.23% | 76.2 Pips |  |
|||
| Week 2023-03-17 | 2.23% | 136.6 Pips |  March |
1.33% | 82.5 Pips | |
Upcoming key events for the new week (London Time)
Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate) Wed 06:00 PM USD FOMC Monetary Policy Statement Wed 06:30 PM USD FOMC Press Conference Fri 12:30 PM USD Durable Goods Orders Fri 12:30 PM USD Nondefense Capital Goods xcluding Aircraft
What happened over the week
📆 🇺🇸 USD Philadelphia Fed Manufacturing Survey in March exceed forecast and improved to -23.2 points compared to previous figure -24.3 points in February. Source 📆 🇺🇸 USD Building Permits (1-mth) in February exceed forecast and rose to 1.524M compared to previous figure 1.339M in January. Source
NZD Gross Domestic Product (QoQ) in Q4 dropped to -0.6% compared to previous figure 2% (revised from 2%). Source 📆 ☢️ 🇺🇸 USD Retail Control Group in February exceed forecast and dropped to 0.5% compared to previous figure 2.3, revised from 1.7% in January. Source 📆 ☢️ 🇺🇸 USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.4% in January. Source
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday rose 1.23% to 0.62666. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-03-17, the pair rose 2.23% or 136.6 pips higher.
Looking ahead on Monday, NZDUSD looks bullish as the pair ended higher after Friday trading session.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.63169 (WR1) with break above could target 0.63673 (WR2). On the downside, we are looking at week low of 0.61368 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.62772 would suggest bullish bias after recent positive movement.
For the month of March, NZDUSD is up by 1.33% or 82.5 pips higher.
Weekly key levels to watch out:
| R3 | 0.64573 |
| R2 | 0.63673 |
| R1 | 0.63169 |
| Weekly Pivot | 0.62269 |
| S1 | 0.61765 |
| S2 | 0.60865 |
| S3 | 0.60361 |
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