NZDUSD on Friday rose 0.61% to 0.60857. Week ending 2023-11-24 rose 1.68%. What’s going on.

NZDUSD Analysis

Friday0.61%37.1 Pips
Week 2023-11-241.68%100.3 Pips
November4.9%284.3 Pips

Upcoming key events for the new week (London Time)

Wed 01:00 AM Monetary Policy Statement
Wed 01:00 AM RBNZ Interest Rate Decision (Official Cash Rate)
Wed 01:00 AM RBNZ Official Cash Rate Statement
Wed 02:00 AM RBNZ Press Conference
Wed 01:30 PM GDP Annualized
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Fri 04:00 PM Federal Reserve Chair Jerome Powell speech

What happened over the week

🇳🇿 New Zealand Retail Sales excluding motor vehicles (3-mth) in Q3 rose to 1% compared to previous figure -1.6% (revised from -1.8%)
🇳🇿 New Zealand Retail Trade Turnover (3-mth) in Q3 exceed forecast and rose to 0% compared to previous figure -1% in Q2 Source: Stats NZ
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October Source: University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast Source: University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Source: Census Bureau

From X (Twitter)

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

NZDUSD on Friday rose 0.61% to 0.60857. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-11-24, the pair rose 1.68% or 100.3 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 0.61227 (WR1) with break above could target 0.61596 (WR2). On the downside, we are looking at week low of 0.59820 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.60893 would suggest bullish bias after recent positive movement.

For the month of November, NZDUSD is up by 4.9% or 284.3 pips higher.

Weekly key levels to watch out:

Weekly Pivot0.60523

You might also be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Minutes of the Federal Open Market Committee, October 31-November 1, 2023 Source: Federal Reserve

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