NZDUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.03%	-1.8 Pips
Week 2023-11-10	-1.79%	-107.6 Pips
November	1.52%	88 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM CPI Inflation Rate (1-mth)
Tue 01:30 PM CPI Inflation Rate (12-mth)
Wed 01:30 PM PPI excluding Food and Energy sectors (12-mth)
Wed 01:30 PM Monthly Retail Trade (1-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November preliminary estimate exceed forecast and rose to 3.2% compared to previous figure 3% in October Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November preliminary estimate below forecast and dropped to 60.4 points compared to previous figure 63.8 points in October Source: University of Michigan
🇳🇿 New Zealand RBNZ Inflation Expectations (3-mth) in Q4 dropped to 2.76% compared to previous figure 2.83% in Q3 Source: RBNZ

From X (Twitter)

Expectations for annual inflation one-year-ahead fell 57 basis points, from 4.17% to 3.60%, according to the Survey of Expectations published today.
The data for this quarter was obtained from a survey of business leaders and professional forecasters, between 18 – 26 October.… pic.twitter.com/1S2xlj4rHR

— Reserve Bank of NZ (@ReserveBankofNZ) November 8, 2023

What can we expect from NZDUSD for the new week and what happened on Friday?

NZDUSD on Friday dropped -0.03% to 0.58894. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-11-10, the pair dropped -1.79% or -107.6 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 is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.60016 or at least consolidates above Weekly Pivot level of 0.59229. On the downside, we are looking at week low 0.58778 or 0.58443 (WS1) as immediate support level. NZDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.58778 would indicate selling pressure.

For the month of November, NZDUSD is up by 1.52% or 88 pips higher.

Weekly key levels to watch out:

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