NZDUSD on Friday dropped -0.84% to 0.61733. Week ending 2024-09-06 moved lower by -0.82%. What happened.

NZDUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.84%	-52.6 Pips
Week 2024-09-06	-0.82%	-50.8 Pips
September	-1.44%	-90 Pips

Upcoming key events for the new week (London Time)

Wed 02:00 AM Second 2024 United States presidential debate
Wed 01:30 PM CPI Inflation Rate (12-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM PPI excluding Food and Energy sectors (12-mth)
Fri 03:00 PM The Index of Consumer Sentiment

What happened over the week

In the United States, the economic data for August showed several notable improvements. Nonfarm Payroll Employment rose to 142,000, up from 89,000 in July, although the July figure was revised downward by 25,000 to 114,000. This information was reported by the Bureau of Labor Statistics. Additionally, the U.S. Nonfarm Business Labor Productivity in the second quarter increased to 2.5%, up from 2.3% in the first quarter. The Department of Labor noted that initial unemployment insurance claims for the week ending August 31 dropped to 227,000, down from 231,000 the previous week. Factory orders for July showed a significant improvement, rising by 5% compared to a decrease of 3.3% in June, according to the Census Bureau. On the downside, the Job Openings and Labor Turnover Survey (JOLTS) for July dropped to 7.673 million, down from a revised figure of 7.91 million in June, as reported by the Bureau of Labor Statistics.

The recent economic data from the United States has shown mixed results, which had a notable impact on the NZDUSD currency pair. On Friday, NZDUSD dropped by 0.84% to 0.61733, and for the week ending September 6, it moved lower by 0.82%. Stronger employment numbers and better productivity statistics in the U.S. typically bolster the U.S. dollar due to increased investor confidence in the U.S. economy. Additionally, the improvement in factory orders further supports the economic strength narrative, contributing to the dollar’s appreciation. On the other hand, a decrease in job openings might indicate some weakness in the labor market, but the overall economic data looks favorable for the USD. As the NZD depreciates against the USD, traders will keep a close eye on upcoming high-impact events like the U.S. CPI Inflation Rate, initial unemployment insurance claims, and the Index of Consumer Sentiment, which could further influence the currency pair’s movement.

From X (Twitter)

Latest release: Building activity down slightly in June 2024 quarter.https://t.co/e9MKQYFMkQ pic.twitter.com/PjErnhkNvS

— Stats NZ (@Stats_NZ) September 5, 2024

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

NZDUSD on Friday dropped -0.84% to 0.62. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-09-06, the pair dropped -0.82% or -50.8 pips lower.

Looking ahead, NZDUSD looks bearish as the pair posted lower in 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 0.63 or at least consolidates above Weekly Pivot level of 0.62. On the downside, we are looking at week low 0.62 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 0.62 would indicate selling pressure.

For the month of September, NZDUSD is down by -1.44% or -90 pips lower.

Weekly key levels to watch out:

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