NZDUSD on Friday dropped -0.32% to 0.60900. Week ending 2024-01-26 moved lower by -0.34%. What happened.

NZDUSD Analysis

Performance
PeriodPctChgMomentum
Friday-0.32%-19.5 Pips
Week 2024-01-26-0.34%-20.5 Pips
January-3.58%-225.8 Pips

Upcoming key events for the new week (London Time)

Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in December unchanged at 2.6% compared to previous report in November. The actual figure is also in line with the forecast
🇺🇸 U.S. Gross Domestic Product Price Index in Q4 preliminary estimate below forecast and dropped to 1.5% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 preliminary estimate unchanged at 2% compared to previous report in Q3. The actual figure is also in line with the forecast Source: Bureau of Economic Analysis
🇺🇸 In the week ending 20 January, U.S. Initial Unemployment Insurance Claims rose to 214K compared to previous figure 189K (revised from 187K) Source: Department of Labor
🇺🇸 U.S. Durable Goods Orders excluding Transportation in December exceed forecast and rose to 0.6% compared to previous figure 0.4, revised from 0.5% in November Source: Census Bureau
🇳🇿 New Zealand CPI Inflation Rate (12-mth) in Q4 dropped to 4.7% compared to previous figure 5.6% in Q3 Source: Stats NZ
🇳🇿 New Zealand CPI Inflation Rate (3-mth) in Q4 dropped to 0.5% compared to previous figure 1.8% in Q3 Source: Stats NZ

From X (Twitter)


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

NZDUSD on Friday dropped -0.32% to 0.60900. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-01-26, the pair dropped -0.34% or -20.5 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 0.61487 or at least consolidates above Weekly Pivot level of 0.61000. On the downside, we are looking at week low 0.60613 or 0.60513 (WS1) as immediate support level. NZDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.60613 would indicate selling pressure.

For the month of January, NZDUSD is down by -3.58% or -225.8 pips lower.

Weekly key levels to watch out:

R30.62261
R20.61874
R10.61387
Weekly Pivot0.61000
S10.60513
S20.60126
S30.59639

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