NZDUSD on Friday rose 0.33% to 0.61063. Week ending 2024-03-01 moved lower by -1.45%. What you need to know.

NZDUSD Analysis

Performance
PeriodPctChgMomentum
Friday0.33%19.8 Pips
Week 2024-03-01-1.45%-89.7 Pips
March0.33%19.8 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 03:00 PM Federal Reserve Chair Jerome Powell testifies
Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in February dropped to 76.9 points compared to previous figure 79.6 points in January Source: University of Michigan
🇳🇿 New Zealand Building Permits seasonal adjustment. (1-mth) in January dropped to -8.8% compared to previous figure 3.6, revised from 3.7% in December Source: Stats NZ
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in January rose to 0.3% compared to previous figure 0.2% in December
🇺🇸 U.S. Personal Income (1-mth) in January rose to 1% compared to previous figure 0.3% in December Source: Bureau of Economic Analysis
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 flash estimate rose to 2.1% compared to previous figure 2% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q4 flash estimate dropped to 3.2% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
🇳🇿 New Zealand RBNZ Interest Rate Decision (Official Cash Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Reserve Bank of New Zealand
🇺🇸 U.S. Housing Price Index (1-mth) in December dropped to 0.1% compared to previous figure 0.4, revised from 0.3% in November
🇺🇸 U.S. Durable Goods Orders in January dropped to -6.1% compared to previous figure -0.3, revised from 0% in December Source: Census Bureau

From X (Twitter)


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

NZDUSD on Friday rose 0.33% to 0.61063. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2024-03-01, the pair dropped -1.45% or -89.7 pips lower.

Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.60764.

For the new week, our technical outlook looks bearish, immediate support level is at 0.60563 (WS1) with break below could see further selling pressure towards 0.60064 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.61964 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 0.60764 would indicate selling pressure.

For the month of March, NZDUSD is up by 0.33% or 19.8 pips higher.

Weekly key levels to watch out:

R30.62963
R20.62464
R10.61763
Weekly Pivot0.61264
S10.60563
S20.60064
S30.59363

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