Published on Apr 11, 2023

Daily Analysis For NZD/USD 11-04-2023

NZD/USD Analysis

Economic Events and Scenario for NZD/USD

Economic Events : -

GMT	Event	Impact	Currency
00:01	(United Kingdom) BRC Retail Sales Monitor YoY	High	GBP
01:30	(Australia) Westpac Consumer Confidence Index	High	AUD
01:30	(Australia) Westpac Consumer Confidence Change	High	AUD
02:30	(Australia) NAB Business Confidence	High	AUD
02:30	(China) Inflation Rate MoM	Medium	CNY
02:30	(China) Inflation Rate YoY	High	CNY
02:30	(China) PPI YoY	Medium	CNY
04:35	(Japan) 5-Year JGB Auction	Low	JPY
07:00	(China) Vehicle Sales YoY	Low	CNY
07:00	(Lithuania) CPI	Low	EUR
07:00	(Lithuania) Inflation Rate MoM	Low	EUR
07:00	(Lithuania) Inflation Rate YoY	Low	EUR
08:00	(Japan) Machine Tool Orders YoY	Low	JPY
08:00	(Slovakia) Retail Sales MoM	Low	EUR
08:00	(Slovakia) Retail Sales YoY	Low	EUR
08:00	(Slovakia) Industrial Production YoY	Low	EUR
09:00	(China) Outstanding Loan Growth YoY	Low	CNY
09:00	(China) M2 Money Supply YoY	Low	CNY
09:00	(China) New Yuan Loans	Low	CNY
09:00	(China) Total Social Financing	Low	CNY
09:30	(Slovenia) Industrial Production YoY	Low	EUR
09:40	(Spain) 6-Month Letras Auction	Low	EUR
09:40	(Spain) 12-Month Letras Auction	Low	EUR
10:00	(Malta) Industrial Production YoY	Low	EUR
10:00	(Euro Area) Retail Sales MoM	High	EUR
10:00	(Euro Area) Retail Sales YoY	High	EUR
10:30	(Belgium) Industrial Production MoM	Low	EUR
10:30	(Belgium) Industrial Production YoY	Low	EUR
10:30	(Germany) 5-Year Bobl Auction	Low	EUR
11:00	(Latvia) Balance of Trade	Low	EUR
11:00	(United Kingdom) BBA Mortgage Rate	Low	GBP
11:00	(United States) NFIB Business Optimism Index	Low	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(France) 3-Month BTF Auction	Low	EUR
14:00	(France) 12-Month BTF Auction	Low	EUR
14:00	(France) 6-Month BTF Auction	Low	EUR
16:00	(Kosovo) Inflation Rate YoY	Low	EUR
17:00	(United States) WASDE Report	Low	USD
18:00	(United States) 3-Year Note Auction	Low	USD
21:00	(United States) Fed Harker Speech	Medium	USD
21:30	(United States) API Crude Oil Stock Change	Medium	USD
23:45	(New Zealand) Electronic Retail Card Spending MoM	Low	NZD
23:45	(New Zealand) Electronic Retail Card Spending YoY	Low	NZD

Today's Scenario: - During the early Asian session, the NZD/USD pair is aiming to continue its rebound towards the nearby resistance level of 0.6230. The New Zealand Dollar found significant buying support near the psychological level of 0.6200, leading to a strong recovery.

Buy Scenario: - To continue its upward momentum, the NZD/USD pair needs to surpass the pivot point at $0.6221 and aim for the First Major Resistance Level (R1) at $0.6249. A rise above $0.6240 would confirm a bullish trend, but this would require support from China's inflation data and a positive market risk sentiment.

If a breakout occurs, the pair may test the previous day's high of $0.62563, but it is unlikely to reach the Second Major Resistance Level (R2) at $0.6284. The Third Major Resistance Level (R3) is situated at $0.6347. Till we do not advise to buy NZD/USD.

Sell Scenario: - However, if the pair falls below the pivot point, the First Major Support Level (S1) at $0.6186 could come into play. Unless there is another sell-off triggered by a risk-off sentiment, the NZD/USD pair is unlikely to drop below the Second Major Support Level (S2) at $0.6158 or the Third Major Support Level (S3) at $0.6096. Till we do not advise to sell NZD/USD.

Support and Resistance Level: -