NZDUSD on Friday rose 0.38% to 0.62084. Week ending 2023-12-01 rose 2.13%. What’s going on.

NZDUSD Analysis

Friday0.38%23.7 Pips
Week 2023-12-012.13%129.4 Pips
December0.9%55.5 Pips

Upcoming key events for the new week (London Time)

Tue 03:00 PM ISM Services PMI
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:30 PM Nonfarm Payroll Employment
Fri 03:00 PM Michigan Index of Consumer Sentiment

What happened over the week

🇳🇿 New Zealand ANZ – Roy Morgan Consumer Confidence in November rose to 91.9 points compared to previous figure 88.1 points in October
🇺🇸 U.S. Personal Spending in October dropped to 0.2% compared to previous figure 0.7% in September Source: Bureau of Economic Analysis
🇺🇸 In the week ending 25 November, U.S. Initial Unemployment Insurance Claims rose to 218K compared to previous figure 211K (revised from 209K) Source: Department of Labor
🇳🇿 New Zealand Building Permits seasonal adjustment. (1-mth) in October exceed forecast and rose to 8.7% compared to previous figure -4.6, revised from -4.7% in September Source: Stats NZ
🇳🇿 New Zealand RBNZ Interest Rate Decision (Official Cash Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Reserve Bank of New Zealand
🇺🇸 U.S. Housing Price Index (1-mth) in September unchanged at 0.6% compared to previous report in August.
🇺🇸 U.S. New-Home Sales Change (1-mth) in October below forecast and dropped to -5.6% compared to previous figure 8.6, revised from 12.3% in September

From X (Twitter)

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

NZDUSD on Friday rose 0.38% to 0.62084. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2023-12-01, the pair rose 2.13% or 129.4 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 0.62582 (WR1) with break above could target 0.63080 (WR2). On the downside, we are looking at week low of 0.60602 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.62090 would suggest bullish bias after recent positive movement.

For the month of December, NZDUSD is up by 0.9% or 55.5 pips higher.

Weekly key levels to watch out:

Weekly Pivot0.61592

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