NZDUSD on Friday dropped -0.84% to 0.59920. Week ending 2024-03-22 moved lower by -1.45%. What you need to know.

NZDUSD Analysis

Performance
PeriodPctChgMomentum
Friday-0.84%-50.6 Pips
Week 2024-03-22-1.45%-88 Pips
March-1.55%-94.5 Pips

Upcoming key events for the new week (London Time)

Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM GDP Annualized
Thu 04:00 PM Good Friday
Fri 05:00 AM Good Friday
Fri 12:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 12:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇳🇿 New Zealand Exports in February rose to 5.89$ compared to previous figure 4.81$ (revised from 4.93$) Source: Stats NZ
🇳🇿 New Zealand Imports in February rose to 6.11$ compared to previous figure 5.9, revised from 5.91$ in January Source: Stats NZ
🇳🇿 New Zealand Trade Balance NZD (12-mth) in February improved to -11.99$ compared to previous figure -12.62, revised from -12.5$ in January Source: Stats NZ
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in March dropped to 3.2 points compared to previous figure 5.2 points in February
🇳🇿 New Zealand GDP (3-mth) in Q4 improved to -0.1% compared to previous figure -0.3% in Q3 Source: Stats NZ
🇳🇿 New Zealand GDP (12-mth) in Q4 improved to -0.3% compared to previous figure -0.6% in Q3 Source: Stats NZ
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau

From X (Twitter)


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

NZDUSD on Friday dropped -0.84% to 0.59920. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2024-03-22, the pair dropped -1.45% or -88 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 looks bearish, immediate support level is at 0.59516 (WS1) with break below could see further selling pressure towards 0.59113 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.61065 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 0.59887 would indicate selling pressure.

For the month of March, NZDUSD is down by -1.55% or -94.5 pips lower.

Weekly key levels to watch out:

R30.61872
R20.61469
R10.60694
Weekly Pivot0.60291
S10.59516
S20.59113
S30.58338

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