Daily Analysis For NZD/USD  08-05-2023

Daily Analysis For NZD/USD 08-05-2023

NZD/USD Analysis
Economic Events and Scenario for NZD/USD
Economic Events : -
00:50(Japan) BoJ Monetary Policy Meeting MinutesMediumJPY
01:00(France) Victory in Europe DayNoneEUR
01:00(United Kingdom) Bank Holiday for the coronation of King Charles IIINoneGBP
01:30(Japan) Jibun Bank Services PMIMediumJPY
01:30(Japan) Jibun Bank Composite PMILowJPY
02:30(Australia) Building Permits MoMMediumAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
02:30(Australia) NAB Business ConfidenceHighAUD
06:00(Estonia) Inflation Rate YoYLowEUR
06:00(Estonia) Inflation Rate MoMLowEUR
06:00(Estonia) CPILowEUR
07:00(Finland) Balance of TradeLowEUR
07:00(Germany) Industrial Production MoMMediumEUR
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
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
10:00(Greece) Balance of TradeLowEUR
10:30(Germany) 3-Month Bubill AuctionLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Latvia) Industrial Production MoMLowEUR
11:00(Latvia) Industrial Production YoYLowEUR
15:00(El Salvador) Inflation Rate YoYLowUSD
15:00(El Salvador) Inflation Rate MoMLowUSD
15:00(United States) Wholesale Inventories MoMLowUSD
16:00(United States) Consumer Inflation ExpectationsLowUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
23:45(New Zealand) Electronic Retail Card Spending MoMLowNZD
23:45(New Zealand) Electronic Retail Card Spending YoYLowNZD

Today's Scenario: - During the early trading hours on Monday, NZD/USD has shown the highest percentage gain among the G10 currency pairs, rising by half a percent. However, the pair has retreated from its highest levels since early April, after reversing a U-turn from those levels on Friday. Currently, buyers of the Kiwi pair are testing the round figure of 0.6300.

Buy Scenario: - The NZD/USD pair is up by half a percent during early Monday, with buyers pushing the pair towards the 0.6300 round figure. This increase in strength can be attributed to a successful upside break of the 100-day moving average (DMA), as well as bullish signals from the moving average convergence divergence (MACD) and a positive but not overbought relative strength index (RSI) (14) line.
The pair is now poised to challenge a downward-sloping resistance line from February, which is currently around 0.6320. If the bulls succeed in breaking through, the next target is the 61.8% Fibonacci retracement level of the February-March downside, near 0.6365. However, a three-month-old horizontal resistance area near 0.6385-90, followed by the 0.6400 round figure, may pose a challenge to the bullish momentum. Till we do not advise to buy NZD/USD.

Sell Scenario: - On the downside, a daily close below the 100-DMA level of around 0.6275 may not bode well for the NZD/USD bears. In this scenario, a one-week-long ascending trend line and the 38.2% Fibonacci retracement level could provide support near 0.6260. If the pair falls below this level, there is a possibility of a quick drop towards the 0.6200 round figure. Till we do not advise to sell NZD/USD.

Support and Resistance Level: -
S1 0.6253-R1 0.6306
S2 0.6232-R2 0.6338
S3 0.6200-R3 0.6359


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