Daily Analysis For NZD/USD  11-05-2023

Daily Analysis For NZD/USD 11-05-2023

NZD/USD Analysis
NZD/USD
Economic Events and Scenario for NZD/USD
Economic Events : -
GMTEventImpactCurrency
00:01(United Kingdom) RICS House Price BalanceLowGBP
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
00:50(Japan) Bank Lending YoYLowJPY
00:50(Japan) Current AccountMediumJPY
00:50(Japan) BoJ Summary of OpinionsMediumJPY
02:00(Australia) Consumer Inflation ExpectationsLowAUD
02:30(China) Inflation Rate MoMMediumCNY
02:30(China) PPI YoYMediumCNY
02:30(China) Inflation Rate YoYHighCNY
04:35(Japan) 30-Year JGB AuctionLowJPY
05:30(Netherlands) Inflation Rate YoYLowEUR
05:30(Netherlands) Inflation Rate MoMLowEUR
05:30(Netherlands) CPILowEUR
06:00(Japan) Eco Watchers Survey CurrentLowJPY
06:00(Japan) Eco Watchers Survey OutlookLowJPY
07:00(Lithuania) PPI MoMLowEUR
07:00(Lithuania) PPI YoYLowEUR
08:00(China) Vehicle Sales YoYLowCNY
08:00(Slovakia) Construction Output YoYLowEUR
10:00(Malta) Industrial Production YoYLowEUR
10:10(Italy) 3-Year BTP AuctionLowEUR
10:10(Italy) 7-Year BTP AuctionLowEUR
11:00(Latvia) CPILowEUR
11:00(Latvia) Inflation Rate YoYLowEUR
11:00(Latvia) Inflation Rate MoMLowEUR
11:00(Portugal) Inflation Rate YoYLowEUR
11:00(Portugal) Inflation Rate MoMLowEUR
11:00(Portugal) CPILowEUR
11:00(Ireland) Inflation Rate MoMLowEUR
11:00(Ireland) Harmonised Inflation Rate MoMLowEUR
11:00(Ireland) Harmonised Inflation Rate YoYLowEUR
11:00(Ireland) Inflation Rate YoYLowEUR
11:00(Ireland) CPILowEUR
12:00(United Kingdom) BoE Interest Rate DecisionHighGBP
12:00(United Kingdom) BoE MPC Vote CutMediumGBP
12:00(United Kingdom) BoE MPC Vote UnchangedMediumGBP
12:00(United Kingdom) BoE MPC Vote HikeMediumGBP
12:00(United Kingdom) MPC Meeting MinutesMediumGBP
12:00(United Kingdom) BoE Monetary Policy ReportHighGBP
13:00(United Kingdom) NIESR Monthly GDP TrackerLowGBP
13:00(Euro Area) ECB Schnabel SpeechLowEUR
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Core PPI YoYLowUSD
13:30(United States) Core PPI MoMMediumUSD
13:30(United States) PPI YoYLowUSD
13:30(United States) PPI MoMHighUSD
15:15(United States) Fed Waller SpeechMediumUSD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:00(Kosovo) Inflation Rate YoYLowEUR
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
18:00(United States) 30-Year Bond AuctionLowUSD
18:30(Euro Area) ECB Guindos SpeechHighEUR
23:30(New Zealand) Business NZ PMIMediumNZD
23:45(New Zealand) Visitor Arrivals YoYLowNZD

Today's Scenario: - The NZD/USD has been a strong performer, and Bloomberg reports that it is currently the best-performing G10 currency this week. However, there is a potential area of significant resistance for the pair, which may lead to a correction in the short term.

Buy Scenario: - To target the First Major Resistance Level (R1) at 0.6391, the NZD/USD needs to avoid the $0.6357 pivot. If it moves through the Wednesday high of 0.6385, it would signal a bullish session. For a breakout session, the economic indicators from China and the US must support it. If there is a breakout, the Second Major Resistance Level (R2) at 0.6415 would be the likely target, and the Third Major Resistance Level (R3) would sit at 0.6448. Till we do not advise to buy NZD/USD.

Sell Scenario: - If the pivot is broken, the First Major Support Level (S1) at 0.6333 could come into play. However, unless there is a risk-off-fueled sell-off, the NZD/USD should stay above the Second Major Support Level (S2) at 0.6300. The Third Major Support Level (S3) sits at 0.6276. Till we do not advise to sell NZD/USD.

Support and Resistance Level: -
SupportResistance
S1 0.6333-R1 0.6391
S2 0.6300-R2 0.6415
S3 0.6276-R3 0.6448

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