Daily Analysis For NZD/USD 14-04-2023

Daily Analysis For NZD/USD 14-04-2023

NZD/USD Analysis
NZD/USD
Economic Events and Scenario for NZD/USD
Economic Events : -
GMTEventImpactCurrency
01:00(Cyprus) Good FridayNoneEUR
01:00(Greece) Orthodox Good FridayNoneEUR
01:00(Montenegro) Good FridayNoneEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
06:00(Finland) Inflation Rate YoYLowEUR
06:00(Finland) Inflation Rate MoMLowEUR
06:00(Finland) GDP YoYLowEUR
06:00(Finland) CPILowEUR
07:00(Germany) Wholesale Prices YoYMediumEUR
07:00(Germany) Wholesale Prices MoMMediumEUR
07:30(Switzerland) Producer & Import Prices MoMLowCHF
07:30(Switzerland) Producer & Import Prices YoYLowCHF
07:45(France) Inflation Rate YoYMediumEUR
07:45(France) Inflation Rate MoMMediumEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Slovakia) CPILowEUR
08:00(Slovakia) Inflation Rate MoMLowEUR
08:00(Slovakia) Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate MoMLowEUR
08:00(Slovakia) Core Inflation Rate YoYLowEUR
08:00(Spain) CPIHighEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Spain) Inflation Rate MoMLowEUR
08:00(Spain) Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
09:00(France) IEA Oil Market ReportMediumEUR
10:30(Belgium) Construction Output YoYLowEUR
11:00(Ireland) Balance of TradeLowEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(Canada) New Motor Vehicle SalesLowCAD
13:30(United States) Import Prices YoYLowUSD
13:30(United States) Retail Sales Ex Gas/Autos MoMHighUSD
13:30(United States) Export Prices YoYLowUSD
13:30(United States) Import Prices MoMMediumUSD
13:30(United States) Export Prices MoMMediumUSD
13:30(United States) Retail Sales MoMHighUSD
13:30(United States) Retail Sales YoYHighUSD
13:30(United States) Retail Sales Ex Autos MoMHighUSD
13:45(United States) Fed Waller SpeechMediumUSD
14:15(United States) Manufacturing Production MoMLowUSD
14:15(United States) Capacity UtilizationLowUSD
14:15(United States) Manufacturing Production YoYLowUSD
14:15(United States) Industrial Production YoYMediumUSD
14:15(United States) Industrial Production MoMMediumUSD
15:00(United States) Retail Inventories Ex Autos MoMLowUSD
15:00(United States) Business Inventories MoMMediumUSD
15:00(United States) Michigan Inflation ExpectationsLowUSD
15:00(United States) Michigan Consumer SentimentHighUSD
15:00(United States) Michigan Consumer ExpectationsLowUSD
15:00(United States) Michigan Current ConditionsLowUSD
15:00(United States) Michigan 5 Year Inflation ExpectationsLowUSD
16:30(United Kingdom) BoE Tenreyro SpeechMediumGBP
18:00(El Salvador) Inflation Rate MoMLowUSD
18:00(El Salvador) Inflation Rate YoYLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
19:15(Germany) Bundesbank Nagel SpeechLowEUR
Today's Scenario: - The NZD/USD pair is holding steady around 0.6300 despite weak activity numbers from New Zealand, which have dampened market sentiment. However, the pair is still in focus for buyers due to the broad weakness of the US Dollar ahead of the final US data release.
The Business NZ PMI for March showed a decline to 48.1, the lowest level in three months and below market expectations of 51.0. Visitor Arrivals also eased to 4.998% from the prior reading of 6.480%, although this was better than the 2.1% market forecast. Despite these negative indicators, the Kiwi pair remains attractive to buyers amid the weak US Dollar.
Buy Scenario: - The NZD/USD pair has a support area in the 0.6280s, and if the price falls below this level, it will confirm a bearish bias. Although the price has fallen below the previous hourly bullish dynamic trendline, the bulls are attempting to retest the highs in the 0.63s. Therefore, a peak formation has not been established yet.Till we do not advise to buy NZD/USD.
Sell Scenario: - The NZD/USD pair is facing difficulties in sustaining its bullish momentum as it has failed to close above the 100-day moving average (DMA) multiple times, currently around 0.6305. However, downside corrections are unlikely to occur unless the pair falls below the support of the 200-DMA, currently at 0.6165. Till we do not advise to sell NZD/USD.
Support and Resistance Level: -
SupportResistance
S1 0.6224-R1 0.6337
S2 0.6157-R2 0.6383
S3 0.6111-R3 0.6450

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