NZDUSD by TradingView
| Week Ending 2023-02-17 | |||
| Open | High | Low | Close |
| 0.63120 | 0.63899 | 0.61920 | 0.62415 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.24% | -14.9 Pips |  |
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| Week 2023-02-17 | -0.99% | -62.7 Pips |  |
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| February | -3.04% | -195.9 Pips | |
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Next week key events (London Time)
Mon 05:00 AM USD Presidents’ Day
Wed 01:00 AM NZD Monetary Policy Statement Wed 01:00 AM NZD RBNZ Interest Rate Decision Wed 01:00 AM NZD RBNZ Rate Statement Wed 02:00 AM NZD RBNZ Press Conference Wed 07:00 PM USD FOMC Minutes Thu 01:30 PM USD Gross Domestic Product Annualized
What happened over the week
📆 🇺🇸 USD Philadelphia Fed Manufacturing Survey in February below forecast and dropped to -24.3 points compared to previous figure -8.9 points in January. Source 📆 ☢️ 🇺🇸 USD Retail Sales Control Group in January exceed forecast and rose to 1.7% compared to previous figure -0.7% in December. Source 📆 ☢️ 🇺🇸 USD Consumer Price Index ex Food & Energy (YoY) in January exceed forecast and dropped to 5.6% compared to previous figure 5.7% in December. Source 📆 🇳🇿 NZD RBNZ Inflation Expectations (QoQ) in Q1 dropped to 3.3% compared to previous figure 3.62% in Q4. Source
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday dropped -0.24% to 0.62415. Price is below 9-Day EMA while Stochastic is falling but in oversold zone. For the week ending 2023-02-17, the pair dropped -0.99% or -62.7 pips lower.
Looking ahead on Monday after previous session, NZDUSD looks mixed as the pair is likely to consolidate above week low of 0.61920.
Our weekly technical outlook for NZDUSD looks bearish, immediate support level is at 0.61590 (WS1) with break below could see further selling pressure towards 0.60766 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.63899 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below last week low of 0.61920 would indicate selling pressure.
For the month of February, NZDUSD is down by -3.04% or -195.9 pips lower.
Weekly key levels to watch out:
| R3 | 0.65548 |
| R2 | 0.64724 |
| R1 | 0.63569 |
| Weekly Pivot | 0.62745 |
| S1 | 0.61590 |
| S2 | 0.60766 |
| S3 | 0.59611 |
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Advanced Monthly Sales for Retail and Food Services Source: Census Bureau PPI for final demand advances 0.7% in January; goods rise 1.2%, services increase 0.4% Source: Bureau of Labor Statistics Publications New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau Advanced Monthly Sales for Retail and Food Services Source: Census Bureau CPI for all items rises 0.5% in January as shelter increases Source: Bureau of Labor Statistics Publications
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