NZDUSD on Friday dropped -0.63% to 0.61360. Week ending 2023-04-21 moved lower by -1.09%. What you need to know.
|Week 2023-04-21||-1.09%||-67.8 Pips|
Upcoming key events for the new week (London Time)
Mon 01:00 PM NZD ANZAC Day
Wed 01:30 PM USD Durable Goods Orders
Wed 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized
What happened over the week
In the week ending 15 April, the Initial Unemployment Insurance Claims rose to 245K compared to 240K, revised from 239K in the previous report Source: Department of Labor
🇺🇸 Philadelphia Fed Manufacturing Survey in April exceed forecast and dropped to -31.3 points compared to previous figure -23.2 points in March
🇳🇿 CPI Inflation Rate (12-mth) in Q1 below forecast and dropped to 6.7% compared to previous figure 7.2% in Q4 Source: Stats NZ
🇳🇿 CPI Inflation Rate (3-mth) in Q1 below forecast and dropped to 1.2% compared to previous figure 1.4% in Q4 Source: Stats NZ
🇺🇸 Building Permits (1-mth) in March below forecast and dropped to 1.413M compared to previous figure 1.55, revised from 1.524M in February Source: Census Bureau
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday dropped -0.63% to 0.61360. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2023-04-21, the pair dropped -1.09% or -67.8 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 looks bearish, immediate support level is at 0.60981 (WS1) with break below could see further selling pressure towards 0.60602 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.62257 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 0.61240 would indicate selling pressure.
For the month of April, NZDUSD is down by -1.93% or -121 pips lower.
Weekly key levels to watch out:
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