NZDUSD on Friday dropped -0.19% to 0.58069. Week ending 2023-10-27 moved lower by -0.26%. What you need to know.
NZDUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.19% | -11.1 Pips |  | ||
| Week 2023-10-27 | -0.26% | -15.1 Pips |  | ||
| October | -3.14% | -188.1 Pips | | ||
Upcoming key events for the new week (London Time)
Tue 09:45 PM Employment Change Tue 09:45 PM Unemployment Rate Tue 10:00 PM RBNZ’s Governor Adrian Orr speech
Wed 06:00 PM Fed Interest Rate Decision (Federal Funds Rate) Wed 06:00 PM FOMC Monetary Policy Statement 
Thu 12:30 PM Initial Unemployment Insurance Claims Fri 12:30 PM Nonfarm Payroll Employment
What happened over the week
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in October unchanged at 3% compared to previous report in September. The actual figure is also in line with the forecast Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in October exceed forecast and rose to 63.8 points compared to previous figure 63 points in September Source: University of Michigan
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth)| Sep in September unchanged at 0.4% compared to previous report in August.
🇳🇿 New Zealand ANZ – Roy Morgan Consumer Confidence in October rose to 88.1 points compared to previous figure 86.4 points in September
🇺🇸 U.S. Durable Goods Orders excluding Defense in September rose to 5.8% compared to previous figure -0.7% in August Source: Census Bureau
🇺🇸 U.S. Personal Consumption Expenditures Prices (3-mth) in Q3 preliminary estimate exceed forecast and rose to 2.9% compared to previous figure 2.5% in Q2 Source: Bureau of Economic Analysis
🇺🇸 In the week ending 21 October, U.S. Initial Unemployment Insurance Claims rose to 210K compared to previous figure 198K Source: Department of Labor
🇺🇸 U.S. GDP Annualized in Q3 preliminary estimate exceed forecast and rose to 4.9% compared to previous figure 2.1% in Q2 Source: Bureau of Economic Analysis
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 -0.19% to 0.58069. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2023-10-27, the pair dropped -0.26% or -15.1 pips lower.
Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.57727.
For the new week, our technical outlook looks bearish, immediate support level is at 0.57623 (WS1) with break below could see further selling pressure towards 0.57176 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.58724 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 0.57727 would indicate selling pressure.
For the month of October, NZDUSD is down by -3.14% or -188.1 pips lower.
Weekly key levels to watch out:
| R3 | 0.59617 |
| R2 | 0.59170 |
| R1 | 0.58620 |
| Weekly Pivot | 0.58173 |
| S1 | 0.57623 |
| S2 | 0.57176 |
| S3 | 0.56626 |
You might also be interested in:
Advance Wholesale Inventories Source: Census Bureau Gross Domestic Product, Third Quarter 2023 (Advance Estimate) Source: Bureau of Economic Analysis Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau Advance Retail Inventories Source: Census Bureau Advance U.S. International Trade in Goods Source: Census Bureau Advance Wholesale Inventories Source: Census Bureau New Home Sales Source: Census Bureau Powell, Introductory Remarks Source: Federal Reserve
