NZDUSD Analysis
| Week Ending 2024-07-19 | |||
| Open | High | Low | Close |
| 0.61 | 0.61 | 0.60 | 0.60 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.38% | -22.7 Pips |  |
||
| Week 2024-07-19 | -1.42% | -86.5 Pips | |
||
| July | -1.48% | -90.2 Pips | |
||
Upcoming key events for the new week (London Time)
Thu 01:30 PM Initial Unemployment Insurance Claims 
Thu 01:30 PM GDP annual rate Fri 01:30 PM Personal Consumption Expenditures Price Index (1-mth) Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
What happened over the week
🇺🇸 In the week ending 13 July, U.S. Initial Unemployment Insurance Claims rose to 243K compared to previous figure 223K (revised from 222K) Source: Department of Labor
The U.S. Manufacturing Business Outlook Survey in July rose to 13.9 points from the previous figure of 1.3 points in June. Source: Philadelphia Fed
🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇳🇿 New Zealand CPI Inflation Rate (12-mth) in Q2 dropped to 3.3% compared to previous figure 4% in Q1 Source: Stats NZ
🇺🇸 U.S. Monthly Retail Trade (1-mth) in June dropped to 0% compared to previous figure 0.1% in May Source: Census Bureau
From X (Twitter)
Latest release: Annual inflation at 3.3 percent.https://t.co/UhW10UzwpO pic.twitter.com/BpzoHOZvaM
— Stats NZ (@Stats_NZ) July 16, 2024
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday dropped -0.38% to 0.60. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-07-19, the pair dropped -1.42% or -86.5 pips lower.
Looking ahead, NZDUSD looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook looks bearish, immediate support level is at 0.60 (WS1) with break below could see further selling pressure towards 0.59 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.61 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 0.60 would indicate selling pressure.
For the month of July, NZDUSD is down by -1.48% or -90.2 pips lower.
Weekly key levels to watch out:
| R3 | 0.62 |
| R2 | 0.61 |
| R1 | 0.61 |
| Weekly Pivot | 0.60 |
| S1 | 0.60 |
| S2 | 0.59 |
| S3 | 0.59 |
You might also be interested in:
New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau Advance Monthly Sales for Retail and Food Services Source: Census Bureau