NZDUSD on Friday dropped -1.46% to 0.62038. Week ending 2023-04-14 moved lower by -0.8%. What you need to know.
|Week 2023-04-14||-0.8%||-50.2 Pips|
Upcoming key events for the new week (London Time)
Wed 11:45 PM NZD CPI Inflation Rate (12-mth) | Q1
Thu 01:30 PM USD Initial Unemployment Insurance Claims
What happened over the week
📆 🇺🇸 USD UoM 5-year Consumer Inflation Expectation | Apr flash in April preliminary estimate unchanged at 2.9% compared to previous report in March. The actual figure is also in line with the forecast Source: University of Michigan
📆 ☢️ 🇺🇸 USD Michigan Index of Consumer Sentiment | Apr flash in April preliminary estimate exceed forecast and rose to 63.5 points compared to previous figure 62 points in March Source: University of Michigan
📆 ☢️ 🇺🇸 USD Retail Trade Turnover (1-mth) | Mar in March exceed forecast and dropped to -1% compared to previous figure -0.2, revised from -0.4% in February Source: Census Bureau
📆 🇳🇿 NZD Business NZ PMI | Mar in March below forecast and dropped to 48.1 points compared to previous figure 52 points in February
🇺🇸 📆 USD In the week ending 08 April, the Initial Unemployment Insurance Claims rose to 239K compared to previous figure 228K Source: Department of Labor
📆 🇺🇸 USD Monthly Budget Statement | Mar in March exceed forecast and dropped to -378$ compared to previous figure -262$ in February.
📆 🇺🇸 USD CPI Inflation Rate (12-mth) | Mar in March below forecast and dropped to 5% compared to previous figure 6% in February Source: Bureau of Labor Statistics
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday dropped -1.46% to 0.62038. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2023-04-14, the pair dropped -0.8% or -50.2 pips lower.
Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.61800.
For the new week, our technical outlook looks bearish, immediate support level is at 0.61509 (WS1) with break below could see further selling pressure towards 0.60981 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.63148 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 0.61800 would indicate selling pressure.
For the month of April, NZDUSD is down by -0.85% or -53.2 pips lower.
Weekly key levels to watch out:
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Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
Minutes of the Federal Open Market Committee, March 21-22, 2023 Source: Federal Reserve
CPI for all items rises 0.1% in March as shelter increases Source: Bureau of Labor Statistics Publications
Retail card spending increases in March 2023 Source: Stats NZ
Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
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