NZDUSD Analysis
| Week Ending 2024-07-12 | |||
| Open | High | Low | Close |
| 0.61 | 0.61 | 0.61 | 0.61 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.55% | 33.5 Pips |  |
||
| Week 2024-07-12 | -0.39% | -24.1 Pips |  |
||
| July | 0.29% | 17.8 Pips | |
||
Upcoming key events for the new week (London Time)
Tue 01:30 PM Monthly Retail Trade (1-mth)
Tue 11:45 PM CPI Inflation Rate (3-mth) 
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
🇺🇸 U.S. Michigan Index of Consumer Sentiment in July flash estimate dropped to 66 points compared to previous figure 68.2 points in June Source: University of Michigan
🇺🇸 U.S. Producer Price Index (1-mth) in June rose to 0.2% compared to previous figure -0.2% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in June rose to 2.6% compared to previous figure 2.4% (revised from 2.2%) Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Budget Statement in June improved to -66$ compared to previous figure -347$ in May Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (1-mth) in June dropped to -0.1% compared to previous figure 0% in May Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 July, U.S. Initial Unemployment Insurance Claims dropped to 222K compared to previous figure 239K (revised from 238K) Source: Department of Labor
🇺🇸 U.S. CPI Inflation Rate (12-mth) in June dropped to 3% compared to previous figure 3.3% in May Source: Bureau of Labor Statistics
🇳🇿 New Zealand RBNZ Interest Rate Decision (Official Cash Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Reserve Bank of New Zealand
From X (Twitter)
The Monetary Policy Committee today agreed to maintain the Official Cash Rate at 5.50%. Restrictive monetary policy has significantly reduced consumer price inflation, with the Committee expecting headline inflation to return to within the 1-3% target range later this year. Read… pic.twitter.com/tWEzFCfScB
— Reserve Bank of NZ (@ReserveBankofNZ) July 10, 2024
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday rose 0.55% to 0.61. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-07-12, the pair dropped -0.39% or -24.1 pips lower.
Looking ahead, NZDUSD looks bullish as the pair ended higher after Friday trading session.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.61 or at least consolidates above Weekly Pivot level of 0.61. On the downside, we are looking at week low 0.61 or 0.61 (WS1) as immediate support level. NZDUSD need to break on either side to indicate a short-term bias. A close below week low of 0.61 would indicate selling pressure.
For the month of July, NZDUSD is up by 0.29% or 17.8 pips higher.
Weekly key levels to watch out:
| R3 | 0.62 |
| R2 | 0.62 |
| R1 | 0.61 |
| Weekly Pivot | 0.61 |
| S1 | 0.61 |
| S2 | 0.60 |
| S3 | 0.60 |
You might also be interested in:
Business Formation Statistics Source: Census Bureau Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
OCR 5.50% – Inflation Approaching Target Range Source: RBNZ Minutes of the Board’s discount rate meetings on June 3 and June 12, 2024 Source: Federal Reserve