NZDUSD on Friday dropped -1.27% to 0.60650. Week ending 2024-02-02 moved lower by -0.4%. What happened.

NZDUSD Analysis

Performance
PeriodPctChgMomentum
Friday-1.27%-78.2 Pips
Week 2024-02-02-0.4%-24.6 Pips
February-0.86%-52.4 Pips

Upcoming key events for the new week (London Time)

Mon 12:00 AM Federal Reserve Chair Jerome Powell speech
Mon 04:00 PM Waitangi Day
Tue 09:45 PM Employment Change
Thu 02:00 AM RBNZ Inflation Expectations (3-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in January rose to 79 points compared to previous figure 78.8 points in December Source: University of Michigan
🇺🇸 U.S. Factory Orders (1-mth) in December dropped to 0.2% compared to previous figure 2.6% in November Source: Census Bureau
🇺🇸 U.S. Nonfarm Payroll Employment in January rose to 353K compared to previous figure 333K (revised upward from 216K) in December Source: Bureau of Labor Statistics
🇳🇿 New Zealand Building Permits seasonal adjustment. (1-mth) in December rose to 3.7% compared to previous figure -10.6% in November Source: Stats NZ
🇺🇸 In the week ending 27 January, U.S. Initial Unemployment Insurance Claims rose to 224K compared to previous figure 215K (revised from 214K) Source: Department of Labor
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Employment Cost Index (ECI) in Q4 below forecast and dropped to 0.9% compared to previous figure 1.1% in Q3 Source: Bureau of Labor Statistics
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in December exceed forecast and rose to 9.026M compared to previous figure 8.925, revised from 8.79M in November Source: Bureau of Labor Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in November unchanged at 0.3% compared to previous report in October.

From X (Twitter)


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

NZDUSD on Friday dropped -1.27% to 0.60650. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-02-02, the pair dropped -0.4% or -24.6 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 0.61735 or at least consolidates above Weekly Pivot level of 0.60989. On the downside, we are looking at week low 0.60581 or 0.60242 (WS1) as immediate support level. NZDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.60581 would indicate selling pressure.

For the month of February, NZDUSD is down by -0.86% or -52.4 pips lower.

Weekly key levels to watch out:

R30.62550
R20.62143
R10.61396
Weekly Pivot0.60989
S10.60242
S20.59835
S30.59088

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