NZDUSD on Friday dropped -0.38% to 0.58220. Week ending 2023-10-20 moved lower by -1.04%. . What you need to know.
NZDUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.38% | -22 Pips |  | ||
| Week 2023-10-20 | -1.04% | -61 Pips |  | ||
| October | -2.89% | -173 Pips | | ||
Upcoming key events for the new week (London Time)
Thu 01:30 PM Initial Unemployment Insurance Claims 
Thu 01:30 PM GDP Annualized Fri 01:30 PM Personal Consumption Expenditures Price Index (1-mth) Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
What happened over the week
🇳🇿 New Zealand Trade Balance NZD (12-mth) in September exceed forecast and improved to -15.33$ compared to previous figure -15.52, revised from -15.54$ in August Source: Stats NZ
🇳🇿 New Zealand Exports in September dropped to 4.87$ compared to previous figure 4.97, revised from 4.99$ in August Source: Stats NZ
🇳🇿 New Zealand Imports in September dropped to 7.2$ compared to previous figure 7.24, revised from 7.28$ in August Source: Stats NZ
🇺🇸 In the week ending 14 October, U.S. Initial Unemployment Insurance Claims dropped to 198K compared to previous figure 209K Source: Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in October exceed forecast and improved to -9 points compared to previous figure -13.5 points in September
🇺🇸 U.S. Building Permits (1-mth) in September dropped to 1.475M compared to previous figure 1.541M (revised from 1.543M) Source: Census Bureau
🇺🇸 U.S. Monthly Retail Trade (1-mth) in September exceed forecast and dropped to 0.7% compared to previous figure 0.8, revised from 0.6% in August Source: Census Bureau
🇳🇿 New Zealand CPI Inflation Rate (12-mth) in Q3 below forecast and dropped to 5.6% compared to previous figure 6% in Q2 Source: Stats NZ
🇺🇸 U.S. New York Empire State Manufacturing Index in October below forecast and dropped to -4.6 points compared to previous figure 1.9 points in September
From X (Twitter)
Latest release: Annual inflation at 5.6 percent.https://t.co/2100SrHLmE pic.twitter.com/2q9UpJ7AwU
— Stats NZ (@Stats_NZ) October 16, 2023
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday dropped -0.38% to 0.58220. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2023-10-20, the pair dropped -1.04% or -61 pips lower.
Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.58149.
For the new week, our technical outlook looks bearish, immediate support level is at 0.57815 (WS1) with break below could see further selling pressure towards 0.57410 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.59293 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 0.58149 would indicate selling pressure.
For the month of October, NZDUSD is down by -2.89% or -173 pips lower.
Weekly key levels to watch out:
| R3 | 0.60103 |
| R2 | 0.59698 |
| R1 | 0.58959 |
| Weekly Pivot | 0.58554 |
| S1 | 0.57815 |
| S2 | 0.57410 |
| S3 | 0.56671 |
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Powell, Opening Remarks Source: Federal Reserve New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau Minutes of the Board’s discount rate meetings from August 21 and September 20, 2023 Source: Federal Reserve Advance Monthly Sales for Retail and Food Services Source: Census Bureau Business Formation Statistics Source: Census Bureau
