Daily Analysis For NZD/USD 12-04-2023

Daily Analysis For NZD/USD 12-04-2023

NZD/USD Analysis
NZD/USD
Economic Events and Scenario for NZD/USD
Economic Events : -
GMTEventImpactCurrency
00:30(United States) Fed Kashkari SpeechMediumUSD
00:50(Japan) Bank Lending YoYLowJPY
00:50(Japan) PPI YoYLowJPY
00:50(Japan) PPI MoMLowJPY
00:50(Japan) Machinery Orders MoMMediumJPY
00:50(Japan) Machinery Orders YoYMediumJPY
02:30(Australia) Building Permits MoMLowAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
05:30(Netherlands) Balance of TradeLowEUR
05:45(Australia) RBA Bullock SpeechMediumAUD
06:00(Finland) Current AccountLowEUR
07:00(Lithuania) PPI YoYLowEUR
07:00(Lithuania) PPI MoMLowEUR
08:00(Slovakia) Construction Output YoYLowEUR
10:00(United Kingdom) 6-Year Index-Linked Treasury Gilt AuctionLowGBP
10:10(Italy) 12-Month BOT AuctionLowEUR
10:10(Italy) 4-Month BOT AuctionLowEUR
10:30(Germany) 30-Year Bund AuctionLowEUR
11:00(Latvia) CPILowEUR
11:00(Latvia) Inflation Rate YoYLowEUR
11:00(Latvia) Inflation Rate MoMLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:30(United States) Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate YoYHighUSD
13:30(United States) Inflation Rate YoYHighUSD
13:30(United States) CPIHighUSD
13:30(United States) CPI s.aHighUSD
13:30(Euro Area) ECB Guindos SpeechHighEUR
14:00(Ecuador) Balance of TradeLowUSD
14:00(United Kingdom) BoE Gov Bailey SpeechMediumGBP
15:00(Canada) BoC Monetary Policy ReportHighCAD
15:00(Canada) BoC Interest Rate DecisionMediumCAD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:00(Kosovo) Inflation Rate YoYLowEUR
16:00(Canada) BoC Press ConferenceMediumCAD
16:30(United States) 17-Week Bill AuctionLowUSD
18:00(United States) 10-Year Note AuctionLowUSD
19:00(United States) FOMC MinutesHighUSD
19:00(United States) Monthly Budget StatementMediumUSD
20:15(United Kingdom) BoE Gov Bailey SpeechMediumGBP
Today's Scenario: - After hitting a new low near 0.6170, the NZD/USD pair has made an effort to bounce back. However, the New Zealand Dollar's recovery appears to be uncertain as investor confidence dwindles amidst doubts about China's economic recovery, despite the government's lifting of lockdown restrictions.
The recent decline in the NZD/USD pair may be attributed to concerns about the impact of the pandemic on the global economy, especially in China, which is one of New Zealand's largest trading partners. Investors are becoming increasingly skeptical about China's ability to rebound quickly and restore its pre-pandemic growth levels.
Despite the Chinese government's efforts to ease restrictions and stimulate economic activity, the lack of a significant rebound in consumer spending and exports is concerning. This, in turn, is putting pressure on the New Zealand Dollar's recovery efforts.
Buy Scenario: - Conversely, a decisive move above the February 07 high at 0.6363 may lead to the Kiwi asset's exposure to the round-level resistance at 0.6400 and the December 05 high at 0.6443. Till we do not advise to buy NZD/USD.
Sell Scenario: - The NZD/USD pair's bearish trajectory was triggered by a successful breakdown of the Rising Channel chart pattern on a four-hour scale. The 20-period Exponential Moving Average (EMA) at 0.6229 is currently hindering the New Zealand Dollar bulls. The Relative Strength Index (RSI) (14) has shifted into the bearish range of 20.00-40.00, indicating downside momentum.
If the Kiwi asset drops below the April 11 low near 0.6170, it may face more weakness, dragging it down to the March 15 low at 0.6139 and the March 08 low at 0.6084.Till we do not advise to sell NZD/USD.
Support and Resistance Level: -
SupportResistance
S1 0.6178-R1 0.6229
S2 0.6155-R2 0.6257
S3 0.6127-R3 0.6280

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