|Week Ending 2023-09-22|
|Week 2023-09-22||1.07%||63 Pips||September||-0.09%||-5.6 Pips|
Upcoming key events for the new week (London Time)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP Annualized
Thu 09:00 PM Federal Reserve Chair Jerome Powell speech
Fri 01:30 PM Core Personal Consumption Expenditures – Price Index (1-mth)
Fri 01:30 PM Core Personal Consumption Expenditures – Price Index (12-mth)
What happened over the week
🇳🇿 New Zealand Trade Balance NZD (12-mth) in August exceed forecast and improved to -15.54$ compared to previous figure -15.88, revised from -15.81$ in July Source: Stats NZ
🇳🇿 New Zealand Imports in August rose to 7.28$ compared to previous figure 6.55, revised from 6.56$ in July Source: Stats NZ
🇳🇿 New Zealand Exports in August dropped to 4.99$ compared to previous figure 5.38, revised from 5.45$ in July Source: Stats NZ
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in September exceed forecast and dropped to -13.5 points compared to previous figure 12 points in August
🇺🇸 In the week ending 16 September, U.S. Initial Unemployment Insurance Claims dropped to 201K compared to previous figure 221K (revised from 220K) Source: Department of Labor
🇳🇿 New Zealand GDP (3-mth) in Q2 exceed forecast and rose to 0.9% compared to previous figure -0.1% in Q1 Source: Stats NZ
🇳🇿 New Zealand GDP (12-mth) in Q2 exceed forecast and dropped to 1.8% compared to previous figure 2.2% in Q1 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
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday rose 0.51% to 0.60. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-09-22, the pair rose 1.07% or 63 pips higher.
Looking ahead, NZDUSD looks bullish as the pair ended higher after Friday trading session.
For the new week, our technical outlook looks bullish, immediate upside resistance level at 0.60 (WR1) with break above could target 0.60 (WR2). On the downside, we are looking at week low of 0.59 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.60 would suggest bullish bias after recent positive movement.
For the month of September, NZDUSD is down by -0.09% or -5.6 pips lower.
Weekly key levels to watch out:
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