Daily Analysis For NZD/USD  02-05-2023

Daily Analysis For NZD/USD 02-05-2023

NZD/USD Analysis
Economic Events and Scenario for NZD/USD
Economic Events : -
01:00(China) May DayNoneCNY
01:00(Montenegro) Labor dayNoneEUR
01:01(Ireland) AIB Manufacturing PMILowEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Australia) RBA Interest Rate DecisionHighAUD
05:30(Netherlands) Inflation Rate YoYMediumEUR
05:30(Netherlands) Business ConfidenceLowEUR
06:00(Netherlands) NEVI Manufacturing PMILowEUR
07:00(United Kingdom) Nationwide Housing Prices YoYMediumGBP
07:00(United Kingdom) Nationwide Housing Prices MoMMediumGBP
07:00(Germany) Retail Sales MoMHighEUR
07:00(Germany) Retail Sales YoYHighEUR
07:00(Lithuania) GDP Growth Rate YoYLowEUR
07:00(Lithuania) GDP Growth Rate QoQLowEUR
08:00(Austria) Inflation Rate YoYLowEUR
08:00(Austria) Inflation Rate MoMLowEUR
08:00(Austria) Harmonised Inflation Rate MoMLowEUR
08:00(Austria) Harmonised Inflation Rate YoYLowEUR
08:00(Switzerland) Consumer ConfidenceHighCHF
08:15(Spain) S&P Global Manufacturing PMIHighEUR
08:30(Austria) Unemployment RateHighEUR
08:30(Austria) Unemployed PersonsLowEUR
08:30(Switzerland) procure.ch Manufacturing PMIHighCHF
08:45(Italy) S&P Global Manufacturing PMIHighEUR
08:50(France) S&P Global Manufacturing PMIMediumEUR
08:55(Germany) S&P Global Manufacturing PMIHighEUR
09:00(Euro Area) Loans to Households YoYLowEUR
09:00(Euro Area) M3 Money Supply YoYLowEUR
09:00(Euro Area) Loans to Companies YoYLowEUR
09:00(Euro Area) S&P Global Manufacturing PMIHighEUR
09:00(Greece) S&P Global Manufacturing PMIHighEUR
09:30(United Kingdom) S&P Global/CIPS Manufacturing PMIHighGBP
09:30(United States) LMI Logistics Managers Index CurrentLowUSD
10:00(Cyprus) Retail Sales YoYLowEUR
10:00(Euro Area) Core Inflation Rate YoYMediumEUR
10:00(Euro Area) Inflation Rate YoYHighEUR
10:00(Euro Area) Inflation Rate MoMMediumEUR
10:00(Euro Area) CPIHighEUR
10:00(Italy) CPIHighEUR
10:00(Italy) Harmonised Inflation Rate YoYLowEUR
10:00(Italy) Harmonised Inflation Rate MoMLowEUR
10:00(Italy) Inflation Rate MoMMediumEUR
10:00(Italy) Inflation Rate YoYHighEUR
10:30(Germany) Index-Linked Bund AuctionLowEUR
11:00(Portugal) Retail Sales YoYLowEUR
11:00(Portugal) Retail Sales MoMLowEUR
11:00(Spain) New Car Sales YoYLowEUR
11:00(Greece) Total Credit YoYLowEUR
11:00(Italy) PPI MoMLowEUR
11:00(Italy) PPI YoYLowEUR
13:55(United States) Redbook YoYLowUSD
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:00(United States) JOLTs Job QuitsLowUSD
15:00(United States) JOLTs Job OpeningsHighUSD
15:00(United States) Factory Orders ex TransportationLowUSD
15:00(United States) Factory Orders MoMMediumUSD
15:00(United States) Total Vehicle SalesLowUSD
16:00(New Zealand) Global Dairy Trade Price IndexLowNZD
17:00(Belgium) New Car Registrations YoYLowEUR
17:00(Italy) New Car Registrations YoYLowEUR
21:30(United States) API Crude Oil Stock ChangeMediumUSD
22:00(New Zealand) RBNZ Financial Stability ReportMediumNZD
23:45(New Zealand) Participation RateLowNZD
23:45(New Zealand) Labour Costs Index YoYLowNZD
23:45(New Zealand) Labour Costs Index QoQLowNZD
23:45(New Zealand) Employment Change QoQHighNZD
23:45(New Zealand) Unemployment RateHighNZD

Today's Scenario: - The NZD/USD pair has broken through the immediate resistance level of 0.6170 during the early Tokyo session after experiencing a significant sell-off on Monday due to failing to surpass the round-level resistance of 0.6200.
The US Dollar Index (DXY) is facing selling pressure near its two-week-old resistance of 102.20, which may be attributed to pre-Federal Reserve (Fed) policy anxiety among investors.
Investors will be closely monitoring Wednesday's employment data from both New Zealand and the United States. In particular, New Zealand's Employment Change (Q1) is expected to remain steady at 0.2%, while the Unemployment Rate is expected to rise to 3.5% from the previous release of 3.4%.
In the US, investors will be watching the Automatic Data Processing (ADP) Employment data. According to market consensus, the US economy is expected to have added 150K jobs in April, lower than the previous additions of 145K.

Buy Scenario: - The NZD/USD pair is currently facing resistance from a downward-sloping trendline that has been formed since April 05. However, the pair has formed a higher high after a lower high and lower low structure, indicating a possible bullish reversal.
The Kiwi asset is currently experiencing selling pressure at the horizontal resistance level set at 0.6204, which was previously established on April 20.
At the same time, the Relative Strength Index (RSI) (14) has fallen into the 40.00-60.00 range, which suggests that the asset may be in a period of consolidation.
If the NZD/USD pair can break above the April 20 high of 0.6204, then bullish traders will likely push the asset towards the April 19 high at 0.6227, followed by the April 07 high at 0.6265. Till we do not advise to buy NZD/USD.

Sell Scenario: - On the other hand, if the pair breaks down below the April 26 low at 0.6110, then the asset may head towards the March 08 low at 0.6088, followed by the November 15, 2022 low at 0.6058. Till we do not advise to sell NZD/USD.

Support and Resistance Level: -
S1 0.6150-R1 0.6191
S2 0.6135-R2 0.6217
S3 0.6109-R3 0.6232


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