NZDUSD on Friday dropped -1.01% to 0.61649. Week ending 2023-02-24 moved lower by -1.27%. Looking bearish. What you need to know.

NZDUSD by TradingView

Performance
Period	Pct	Chg	Momentum
Friday	-1.01%	-62.7 Pips
Week 2023-02-24	-1.27%	-79.1 Pips
February	-4.23%	-272.5 Pips

Next week key events (London Time)

Sun 09:45 PM NZD Retail Sales (QoQ)
Mon 01:30 PM USD Durable Goods Orders
Mon 01:30 PM USD Nondefense Capital Goods Orders ex Aircraft
Wed 03:00 PM USD ISM Manufacturing PMI
Fri 03:00 PM USD ISM Services PMI

What happened over the week

📆 🇺🇸 USD UoM 5-year Consumer Inflation Expectation in February unchanged at 2.9% compared to previous report in January. The actual figure is also in line with the forecast. Source
📆 🇺🇸 USD Michigan Consumer Sentiment Index in February exceed forecast and rose to 67 points compared to previous figure 66.4 points in January. Source
USD Personal Spending in January rose to 1.8% compared to previous figure -0.1% (revised from -0.2%). Source
📆 🇺🇸 USD Core Personal Consumption Expenditures (QoQ) in Q4 preliminary estimate exceed forecast and rose to 4.3% compared to previous figure 3.9% in Q3. Source
📆 ☢️ 🇺🇸 USD Gross Domestic Product Annualized in Q4 preliminary estimate below forecast and dropped to 2.7% compared to previous figure 2.9% in Q3. Source
🇺🇸 📆 USD In the week ending 18 February, the Initial Jobless Claims dropped to 192K compared to previous figure 195K (revised from 194K). Source
📆 🇺🇸 USD Chicago Fed National Activity Index in January exceed forecast and rose to 0.23 points compared to previous figure -0.46, revised from -0.49 points in December. Source
📆 ☢️ 🇳🇿 NZD RBNZ Interest Rate Decision rose to 4.75% compared to previous rate 4.25%. Source
📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source

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

NZDUSD on Friday dropped -1.01% to 0.61649. Price is below 9-Day EMA while Stochastic is rising but in oversold zone. For the week ending 2023-02-24, the pair dropped -1.27% or -79.1 pips lower.

Looking ahead on Monday after previous session, NZDUSD looks bearish as the pair posted lower in Friday trading session.

Our weekly technical outlook for NZDUSD looks bearish, immediate support level is at 0.61218 (WS1) with break below could see further selling pressure towards 0.60788 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.62623 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 0.61490 would indicate selling pressure.

For the month of February, NZDUSD is down by -4.23% or -272.5 pips lower.

Weekly key levels to watch out:

You might also be interested in:

Index Suggests Economic Growth Picked Up in January Source: Chicago Fed
Gross Domestic Product, Fourth Quarter and Year 2022 (Second Estimate) Source: Bureau of Economic Analysis
Minutes of the Federal Open Market Committee, January 31–February 1, 2023 Source: Federal Reserve
Reserve Bank increases the Official Cash Rate Source: RBNZ

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