Published on Apr 7, 2023

Daily Analysis For NZD/USD 07-04-2023

NZD/USD Analysis

Economic Events and Scenario for NZD/USD

Economic Events : -

GMT	Event	Impact	Currency
00:30	(Japan) Overtime Pay YoY	Low	JPY
00:30	(Japan) Household Spending YoY	Low	JPY
00:30	(Japan) Household Spending MoM	Low	JPY
00:30	(Japan) Average Cash Earnings YoY	Low	JPY
00:50	(Japan) Foreign Exchange Reserves	Low	JPY
01:00	(Australia) Good Friday	None	AUD
01:00	(Belgium) Good Friday	None	EUR
01:00	(Canada) Good Friday	None	CAD
01:00	(Ecuador) Good Friday	None	USD
01:00	(El Salvador) Good Friday	None	USD
01:00	(Estonia) Good Friday	None	EUR
01:00	(Euro Area) Good Friday	None	EUR
01:00	(Finland) Good Friday	None	EUR
01:00	(Germany) Good Friday	None	EUR
01:00	(Latvia) Good Friday	None	EUR
01:00	(Luxembourg) Good Friday	None	EUR
01:00	(Malta) Good Friday	None	EUR
01:00	(Netherlands) Good Friday	None	EUR
01:00	(New Zealand) Good Friday	None	NZD
01:00	(Portugal) Good Friday	None	EUR
01:00	(Spain) Good Friday	None	EUR
01:00	(Switzerland) Good Friday	None	CHF
01:00	(United Kingdom) Good Friday	None	GBP
01:00	(United States) Good Friday	None	USD
04:35	(Japan) 3-Month Bill Auction	Low	JPY
05:30	(Netherlands) Household Consumption YoY	Low	EUR
05:30	(Netherlands) Manufacturing Production MoM	Low	EUR
06:00	(Japan) Leading Economic Index	Low	JPY
06:00	(Japan) Coincident Index	Low	JPY
07:00	(Lithuania) Balance of Trade	Low	EUR
07:45	(France) Imports	Low	EUR
07:45	(France) Exports	Low	EUR
07:45	(France) Current Account	Low	EUR
07:45	(France) Balance of Trade	Medium	EUR
08:00	(Austria) Industrial Production YoY	Low	EUR
08:30	(France) Foreign Exchange Reserves	Low	EUR
09:00	(China) Foreign Exchange Reserves	Low	CNY
10:00	(Greece) Balance of Trade	Low	EUR
13:30	(United States) Manufacturing Payrolls	Low	USD
13:30	(United States) Nonfarm Payrolls Private	High	USD
13:30	(United States) Unemployment Rate	High	USD
13:30	(United States) Non Farm Payrolls	High	USD
13:30	(United States) Participation Rate	Medium	USD
13:30	(United States) Government Payrolls	Low	USD
13:30	(United States) Average Weekly Hours	Low	USD
13:30	(United States) Average Hourly Earnings MoM	Medium	USD
13:30	(United States) Average Hourly Earnings YoY	Medium	USD
14:00	(United States) Used Car Prices MoM	Low	USD
14:00	(United States) Used Car Prices YoY	Low	USD
20:00	(United States) Consumer Credit Change	Low	USD

Today's Scenario: - NZD/USD is currently trading near 0.6245-40 during a slow Asian session on Good Friday. The Kiwi traders are taking a break after the pair experienced its biggest drop in a month the previous day. The lack of liquidity due to the holiday and the cautious sentiment ahead of the US employment data for March are both factors limiting the pair's movements.

The recent decline in the pair could be attributed to the market's negative outlook on the health of the US economy, as well as concerns about the spread of the virus. It's worth noting, however, that the declining expectations of a hawkish Fed are also limiting the US Dollar's gains amid the risk-off mood in the market.

Buy Scenario: - To continue its bullish momentum, the NZD/USD needs to break through the pivot point at $0.6269 and target the first major resistance level (R1) at $0.6298. A move back up to $0.6275 would indicate a bullish session, but the US Jobs Report needs to provide support for a breakout to occur.

If a breakout occurs, the Kiwi could test resistance at the high of $0.63244 from Thursday, but is expected to fall short of reaching the second major resistance level (R2) at $0.6354. The third major resistance level (R3) is at $0.6439. Till we do not advise to buy NZD/USD.

Sell Scenario: - If the NZD/USD fails to move through the pivot point, the first major support level (S1) at $0.6213 could come into play. However, unless there is a risk-off sentiment causing a sell-off, the NZD/USD pair is expected to avoid dropping below the sub-$0.6150 level. The second major support level (S2) at $0.6183 should limit the downside. Till we do not advise to sell NZD/USD.

Support and Resistance Level: -