• Sat. Jun 15th, 2024

NZDUSD on Friday rose 0.22% to 0.61330. Week ending 2024-05-17 rose 1.91%. What’s going on.

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Dear ,

As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.

NZDUSD Analysis

Performance
Period Pct Chg Momentum
Friday 0.22% 13.6 Pips
Week 2024-05-17 1.91% 115 Pips
May 4.16% 244.8 Pips

Upcoming key events for the new week (London Time)

  Wed 03:00 AM RBNZ Interest Rate Decision (Official Cash Rate)
  Wed 04:00 AM RBNZ Press Conference
  Wed 07:00 PM FOMC Meeting Minutes
  Wed 11:45 PM Retail Trade Turnover (3-mth)
  Thu 01:30 PM Initial Unemployment Insurance Claims
  Thu 11:25 PM RBNZ’s Governor Adrian Orr speech

What happened over the week

🇳🇿 New Zealand Producer Price Index – Output (3-mth) in Q1 rose to 0.9% compared to previous figure 0.7% in Q4
🇺🇸 U.S. Industrial Production (1-mth) in April dropped to 0% compared to previous figure 0.4% in March
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in May dropped to 4.5 points compared to previous figure 15.5 points in April
🇺🇸 U.S. CPI Inflation Rate (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in April dropped to 0% compared to previous figure 0.6, revised from 0.7% in March Source: Census Bureau
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. New York Empire State Manufacturing Index in May dropped to -15.6 points compared to previous figure -14.3 points in April
🇺🇸 U.S. Producer Price Index (12-mth) in April rose to 2.2% compared to previous figure 1.8, revised from 2.1% in March
🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March
🇳🇿 New Zealand RBNZ Inflation Expectations (3-mth) in Q2 dropped to 2.33% compared to previous figure 2.5% in Q1 Source: RBNZ


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

NZDUSD on Friday rose 0.22% to 0.61330. Price is above 9-Day EMA while Stochastic is rising in overbought zone. For the week ending 2024-05-17, the pair rose 1.91% or 115 pips higher.

Looking ahead on Monday, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.59932.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.61845 (WR1) with break above could target 0.62359 (WR2). On the downside, we are looking at week low of 0.59932 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.61403 would suggest bullish bias after recent positive movement.

For the month of May, NZDUSD is up by 4.16% or 244.8 pips higher.

Weekly key levels to watch out:

R3 0.63316
R2 0.62359
R1 0.61845
Weekly Pivot 0.60888
S1 0.60374
S2 0.59417
S3 0.58903
On Key

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