NZDUSD on Friday rose 0.05% to 0.61970. Week ending 2024-02-23 rose 1.22%. What’s going on.

NZDUSD Analysis

Performance
PeriodPctChgMomentum
Friday0.05%2.8 Pips
Week 2024-02-231.22%74.7 Pips
February1.3%79.6 Pips

Upcoming key events for the new week (London Time)

Wed 01:00 AM RBNZ Interest Rate Decision (Official Cash Rate)
Wed 01:30 PM GDP Annualized
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Thu 01:30 PM Personal Consumption Expenditures Price Index (1-mth)

What happened over the week

🇳🇿 New Zealand Retail Sales excluding motor vehicles (3-mth) in Q4 dropped to -4.1% compared to previous figure 0.4% (revised from 1%)
🇳🇿 New Zealand Retail Trade Turnover (3-mth) in Q4 dropped to -1.9% compared to previous figure -0.8% (revised from 0%) Source: Stats NZ
🇳🇿 New Zealand Imports in January dropped to 5.91$ compared to previous figure 6.22, revised from 6.26$ in December Source: Stats NZ
🇳🇿 New Zealand Trade Balance NZD (12-mth) in January improved to -12.5$ compared to previous figure -13.62, revised from -13.57$ in December Source: Stats NZ
🇳🇿 New Zealand Exports in January dropped to 4.93$ compared to previous figure 5.85, revised from 5.94$ in December Source: Stats NZ
🇳🇿 New Zealand Producer Price Index – Output (3-mth) in Q4 dropped to 0.7% compared to previous figure 0.8% in Q3

From X (Twitter)


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

NZDUSD on Friday rose 0.05% to 0.61970. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2024-02-23, the pair rose 1.22% or 74.7 pips higher.

Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.61175.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.62375 (WR1) with break above could target 0.62780 (WR2). On the downside, we are looking at week low of 0.61175 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.62180 would suggest bullish bias after recent positive movement.

For the month of February, NZDUSD is up by 1.3% or 79.6 pips higher.

Weekly key levels to watch out:

R30.63380
R20.62780
R10.62375
Weekly Pivot0.61775
S10.61370
S20.60770
S30.60365

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