NZDUSD on Friday rose 0.24% to 0.62930. Week ending 2023-05-05 rose 1.78%. What’s going on.
|Week 2023-05-05||1.78%||110 Pips|
Upcoming key events for the new week (London Time)
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth)
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 Nonfarm Payroll Employment in April exceed forecast and rose to 253K compared to previous figure 165K, revised from 236K in March Source: Bureau of Labor Statistics
USD Nonfarm Business Labor Productivity in Q1 preliminary estimate dropped to -2.7% compared to previous figure 1.6% (revised from 1.7%). Source: Bureau of Labor Statistics
🇺🇸 In the week ending 29 April, the Initial Unemployment Insurance Claims rose to 242K compared to previous figure 229K (revised from 230K) Source: Department of Labor
🇺🇸 Goods and Services Trade Balance in March exceed forecast and improved to -64.2$ compared to previous figure -70.6, revised from -70.5$ in February
🇳🇿 Building Permits seasonal adjustment. (1-mth) in March exceed forecast and rose to 7% compared to previous figure -9.4, revised from -9% in February Source: Stats NZ
🇺🇸 Fed Interest Rate Decision (Federal Funds Rate) rose to 5.25% compared to previous rate 5% Source: Federal Reserve
🇳🇿 Unemployment Rate in Q1 unchanged at 3.4% compared to previous report in Q4. Source: Stats NZ
🇺🇸 Factory Orders (1-mth) in March exceed forecast and rose to 0.9% compared to previous figure -1.1, revised from -0.7% in February Source: Census Bureau
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday rose 0.24% to 0.62930. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-05-05, the pair rose 1.78% or 110 pips higher.
Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.61609.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.63522 (WR1) with break above could target 0.64115 (WR2). On the downside, we are looking at week low of 0.61609 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.63158 would suggest bullish bias after recent positive movement.
For the month of May, NZDUSD is up by 1.78% or 110 pips higher.
Weekly key levels to watch out:
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Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
Payroll employment rises by 253,000 in April; unemployment rate changes little at 3.4% Source: Bureau of Labor Statistics Publications
U.S. International Trade in Goods and Services, March 2023 Source: Bureau of Economic Analysis
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Housing Vacancies and Homeownership Source: Census Bureau
Rental Vacancy Rate Source: Census Bureau
Federal Reserve issues FOMC statement Source: Federal Reserve
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Construction Spending Source: Census Bureau
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