Daily Analysis For NZD/USD  01-05-2023

Daily Analysis For NZD/USD 01-05-2023

NZD/USD Analysis
Economic Events and Scenario for NZD/USD
Economic Events : -
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
01:00(Austria) Labor DayNoneEUR
01:00(Belgium) Labor DayNoneEUR
01:00(China) May DayNoneCNY
01:00(Cyprus) Labor DayNoneEUR
01:00(Ecuador) Labor DayNoneUSD
01:00(El Salvador) Labor DayNoneUSD
01:00(Estonia) Spring DayNoneEUR
01:00(Euro Area) Labor DayNoneEUR
01:00(Finland) May DayNoneEUR
01:00(France) Labor DayNoneEUR
01:00(Germany) Labor DayNoneEUR
01:00(Greece) Labor DayNoneEUR
01:00(Ireland) May DayNoneEUR
01:00(Italy) Labor DayNoneEUR
01:00(Latvia) Labor DayNoneEUR
01:00(Lithuania) Labor DayNoneEUR
01:00(Luxembourg) Labor DayNoneEUR
01:00(Malta) Labor DayNoneEUR
01:00(Montenegro) Labor dayNoneEUR
01:00(Portugal) Labor DayNoneEUR
01:00(Spain) Labor DayNoneEUR
01:00(United Kingdom) May Day Bank HolidayNoneGBP
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
02:00(Australia) TD-MI Inflation Gauge MoMLowAUD
02:30(Australia) ANZ-Indeed Job Ads MoMLowAUD
06:00(Japan) Consumer ConfidenceHighJPY
07:30(Australia) Commodity Prices YoYLowAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
14:30(Canada) S&P Global Manufacturing PMIHighCAD
14:45(United States) S&P Global Manufacturing PMIHighUSD
15:00(United States) ISM Manufacturing PricesLowUSD
15:00(United States) ISM Manufacturing New OrdersLowUSD
15:00(United States) ISM Manufacturing EmploymentMediumUSD
15:00(United States) Construction Spending MoMLowUSD
15:00(United States) ISM Manufacturing PMIHighUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD

Today's Scenario: - NZD/USD is holding onto slight gains around 0.6180 in the face of a stronger US Dollar during early Monday trading. The Kiwi pair's recent gains could be attributed to positive domestic factors, such as the Reserve Bank of New Zealand's comments in support of rate hikes. Additionally, the prospect of a Free Trade Agreement (FTA) between New Zealand and the UK is boosting NZD/USD, as New Zealand Prime Minister Chris Hipkins recently announced plans to meet with UK counterpart Rishi Sunak to discuss the FTA. Hipkins estimated that the FTA could increase New Zealand's goods exports to the UK by over 50%, boost annual GDP by up to $1 billion, and save approximately $37 million per year in tariff elimination.

Buy Scenario: - The NZD/USD pair needs to avoid dropping below the support level at $0.6139 to aim for the First Major Resistance Level (R1) at $0.6203. If the pair breaks above Friday's high of $0.61872, it would indicate a bullish trend. However, the market risk sentiment must be supportive for a breakout session to occur.
If the Kiwi manages to break out, it could test the Second Major Resistance Level (R2) at $0.6227. The Third Major Resistance Level (R3) is located at $0.6290. Till we do not advise to buy NZD/USD.

Sell Scenario: - On the other hand, if the pair falls below the support level at $0.6139, it could target the First Major Support Level (S1) at $0.6139. However, unless there is a risk-off market event, the NZD/USD is likely to avoid dropping below the Second Major Support Level (S2) at $0.6100.
The Third Major Support Level (S3) sits at $0.6036. Till we do not advise to sell NZD/USD.

Support and Resistance Level: -
S1 0.6134-R1 0.6199
S2 0.6096-R2 0.6226
S3 0.6069-R3 0.6264


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