NZDUSD on Friday rose 1.67% to 0.59970. Week ending 2023-11-03 rose 3.27%. What’s going on.
NZDUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 1.67% | 98.7 Pips |  | ||
| Week 2023-11-03 | 3.27% | 190.1 Pips | | ||
| November | 3.37% | 195.6 Pips | | ||
Upcoming key events for the new week (London Time)
Wed 02:00 AM RBNZ Inflation Expectations (3-mth)
Wed 02:15 PM Federal Reserve Chair Jerome Powell speech 
Thu 01:30 PM Initial Unemployment Insurance Claims Fri 03:00 PM Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 U.S. Nonfarm Payroll Employment in October added 150K jobs, unemployment rate changed little at 3.9%. Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in September exceed forecast and rose to 2.8% compared to previous figure 1, revised from 1.2% in August Source: Census Bureau
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q3 preliminary estimate exceed forecast and rose to 4.7% compared to previous figure 3.5% in Q2 Source: Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in October dropped to 36.836K compared to previous figure 47.457K in September
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in September exceed forecast and rose to 9.553M compared to previous figure 9.497, revised from 9.61M in August Source: Bureau of Labor Statistics
🇳🇿 New Zealand Labour Cost Index (LCI) (3-mth) in Q3 below forecast and dropped to 0.8% compared to previous figure 1.1% in Q2 Source: Stats NZ
🇳🇿 New Zealand Unemployment Rate in Q3 rose to 3.9% compared to previous figure 3.6% in Q2 Source: Stats NZ
🇺🇸 U.S. Housing Price Index (1-mth) in August exceed forecast and dropped to 0.6% compared to previous figure 0.8% in July
🇺🇸 U.S. Employment Cost Index in Q3 exceed forecast and rose to 1.1% compared to previous figure 1% in Q2
🇳🇿 New Zealand Building Permits seasonal adjustment. (1-mth) in September below forecast and improved to -4.7% compared to previous figure -7, revised from -6.7% in August Source: Stats NZ
From X (Twitter)
Latest release: Unemployment rate at 3.9 percent.https://t.co/oi9fADycN0 pic.twitter.com/crI953Bm5c
— Stats NZ (@Stats_NZ) October 31, 2023
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday rose 1.67% to 0.59970. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-11-03, the pair rose 3.27% or 190.1 pips higher.
Looking ahead on Monday, NZDUSD looks bullish as the pair ended higher after Friday trading session.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.60687 (WR1) with break above could target 0.61405 (WR2). On the downside, we are looking at week low of 0.57884 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.60003 would suggest bullish bias after recent positive movement.
For the month of November, NZDUSD is up by 3.37% or 195.6 pips higher.
Weekly key levels to watch out:
| R3 | 0.62806 |
| R2 | 0.61405 |
| R1 | 0.60687 |
| Weekly Pivot | 0.59286 |
| S1 | 0.58568 |
| S2 | 0.57167 |
| S3 | 0.56449 |
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Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau Nonfarm Payroll Employment in October added 150K jobs, unemployment rate changed little at 3.9%. Source: Bureau of Labor Statistics Publications Construction Spending Source: Census Bureau Federal Reserve issues FOMC statement Source: Federal Reserve Housing Vacancies and Homeownership Source: Census Bureau Rental Vacancy Rate Source: Census Bureau
