NZDUSD on Friday rose 0.11% to 0.62393. Week ending 2024-01-12 moved lower by 0%. What happened.

NZDUSD Analysis

Performance
PeriodPctChgMomentum
Friday0.11%7 Pips
Week 2024-01-120%0.3 Pips
January-1.21%-76.5 Pips

Upcoming key events for the new week (London Time)

Mon 05:00 AM Martin Luther King Jr. Day
Wed 01:30 PM Monthly Retail Trade (1-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Producer Price Index (12-mth) in December below forecast and rose to 1% compared to previous figure 0.8, revised from 0.9% in November
🇺🇸 U.S. Monthly Budget Statement in December below forecast and improved to -129$ compared to previous figure -314$ in November Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in December exceed forecast and rose to 3.4% compared to previous figure 3.1% in November Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in December exceed forecast and rose to 0.3% compared to previous figure 0.1% in November Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 January, U.S. Initial Unemployment Insurance Claims dropped to 202K compared to previous figure 203K (revised from 202K) Source: Department of Labor
🇳🇿 New Zealand Building Permits seasonal adjustment. (1-mth) in November below forecast and dropped to -10.6% compared to previous figure 8.5, revised from 8.7% in October Source: Stats NZ

From X (Twitter)


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

NZDUSD on Friday rose 0.11% to 0.62393. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-01-12, the pair dropped 0% or 0.3 pips lower.

Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.61950.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.62780 or at least consolidates above Weekly Pivot level of 0.62374. On the downside, we are looking at week low 0.61950 or 0.61969 (WS1) as immediate support level. NZDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.61950 would indicate selling pressure.

For the month of January, NZDUSD is down by -1.21% or -76.5 pips lower.

Weekly key levels to watch out:

R30.63629
R20.63204
R10.62799
Weekly Pivot0.62374
S10.61969
S20.61544
S30.61139

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