NZDUSD on Friday dropped 0% to 0.61151. Week ending 2024-01-19 moved lower by -1.98%. What you need to know.

NZDUSD Analysis

Friday0%-0.1 Pips
Week 2024-01-19-1.98%-123.4 Pips
January-3.18%-200.7 Pips

Upcoming key events for the new week (London Time)

Tue 09:45 PM CPI Inflation Rate (3-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP Annualized
Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in January preliminary estimate exceed forecast and rose to 78.8 points compared to previous figure 69.7 points in December Source: University of Michigan
🇺🇸 In the week ending 13 January, U.S. Initial Unemployment Insurance Claims dropped to 187K compared to previous figure 202K Source: Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in January below forecast and improved to -10.6 points compared to previous figure -12.8, revised from -10.5 points in December
🇺🇸 U.S. Industrial Production (1-mth) in December rose to 0.1% compared to previous figure 0.2%
🇺🇸 U.S. Monthly Retail Trade excluding Automobile (1-mth) in December exceed forecast and rose to 0.4% compared to previous figure 0.2% in November
🇳🇿 New Zealand NZIER Business Confidence (3-mth) in Q4 improved to -2% compared to previous figure -52% in Q3 Source: NZIER

From X (Twitter)

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

NZDUSD on Friday dropped 0% to 0.61151. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2024-01-19, the pair dropped -1.98% or -123.4 pips lower.

Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.60877.

For the new week, our technical outlook looks bearish, immediate support level is at 0.60545 (WS1) with break below could see further selling pressure towards 0.59940 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.62420 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 0.60877 would indicate selling pressure.

For the month of January, NZDUSD is down by -3.18% or -200.7 pips lower.

Weekly key levels to watch out:

Weekly Pivot0.61483

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