Daily Analysis For NZD/USD 17-05-2023

Daily Analysis For NZD/USD 17-05-2023

NZD/USD Analysis
NZD/USD
Economic Events and Scenario for NZD/USD
Economic Events : -
GMTEventImpactCurrency
00:00(United States) Fed Bostic SpeechMediumUSD
00:50(Japan) GDP Price Index YoYLowJPY
00:50(Japan) GDP Capital Expenditure QoQLowJPY
00:50(Japan) GDP External Demand QoQLowJPY
00:50(Japan) GDP Private Consumption QoQLowJPY
00:50(Japan) GDP Growth Rate QoQHighJPY
00:50(Japan) GDP Growth AnnualizedHighJPY
02:30(Australia) Wage Price Index QoQLowAUD
02:30(Australia) Wage Price Index YoYLowAUD
02:30(China) House Price Index YoYMediumCNY
04:35(Japan) 20-Year JGB AuctionLowJPY
05:30(Japan) Capacity Utilization MoMLowJPY
05:30(Japan) Industrial Production MoMLowJPY
05:30(Japan) Industrial Production YoYLowJPY
05:30(Netherlands) Unemployment RateMediumEUR
06:30(France) Unemployment RateMediumEUR
07:00(European Union) New Car Registrations YoYMediumEUR
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Austria) Harmonised Inflation Rate YoYLowEUR
08:00(Austria) Harmonised Inflation Rate MoMLowEUR
08:00(Austria) Inflation Rate MoMLowEUR
08:00(Austria) Inflation Rate YoYLowEUR
08:00(Austria) CPIHighEUR
08:00(Slovakia) Harmonised Inflation Rate YoYLowEUR
08:00(Slovakia) Harmonised Inflation Rate MoMLowEUR
09:00(Italy) Balance of TradeMediumEUR
10:00(Cyprus) Harmonised Inflation Rate YoYLowEUR
10:00(Euro Area) Inflation Rate MoMLowEUR
10:00(Euro Area) Core Inflation Rate YoYLowEUR
10:00(Euro Area) Inflation Rate YoYMediumEUR
10:00(Euro Area) CPIHighEUR
10:00(France) 5-Year OAT AuctionLowEUR
10:00(France) 3-Year OAT AuctionLowEUR
10:00(Malta) Inflation Rate YoYLowEUR
10:00(Euro Area) ECB Elderson SpeechLowEUR
10:30(Germany) 10-Year Bund AuctionMediumEUR
10:30(Euro Area) ECB Panetta SpeechLowEUR
10:50(United Kingdom) BoE Gov Bailey SpeechMediumGBP
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Ireland) Residential Property Prices MoMLowEUR
11:00(Ireland) Residential Property Prices YoYLowEUR
11:00(France) 10-Year Index-Linked OAT AuctionLowEUR
11:00(Ireland) Balance of TradeLowEUR
11:10(European Union) 3-Month Bill AuctionLowEUR
11:10(European Union) 6-Month Bill AuctionLowEUR
11:30(United Kingdom) 5-Year Treasury Gilt AuctionLowGBP
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:30(Canada) New Motor Vehicle SalesLowCAD
13:30(Canada) Foreign Securities Purchases by CanadiansLowCAD
13:30(Canada) Foreign Securities PurchasesLowCAD
13:30(United States) Building Permits MoMMediumUSD
13:30(United States) Housing Starts MoMMediumUSD
13:30(United States) Housing StartsMediumUSD
13:30(United States) Building PermitsHighUSD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production 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
16:15(Euro Area) ECB Guindos SpeechHighEUR
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 3-Year Bond AuctionLowCAD
18:00(United States) 20-Year Bond AuctionLowUSD
23:45(New Zealand) PPI Input QoQLowNZD
23:45(New Zealand) PPI Output QoQLowNZD
Today's Scenario: - The NZD/USD pair has shown a strong rebound after establishing support above 0.6220 during the Tokyo session. The New Zealand dollar (Kiwi) has gained momentum as the US Dollar Index (DXY) has had a relatively subdued performance in Asia.
In Asia, S&P500 futures have experienced notable gains following a bearish Tuesday, indicating a recovery in market participants' risk appetite. The USD Index is encountering resistance in its attempt to extend its recovery above 102.70.
Buy Scenario: - To target the First Major Resistance Level (R1) at 0.6257 and the Tuesday high of 0.6253, the NZD/USD pair needs to surpass the 0.6235 pivot. A bullish session would be indicated by a return to $0.6250. However, for a breakout session, positive news regarding the US debt ceiling and supportive economic data from China are necessary.
If a breakout occurs, the Kiwi could potentially test the Second Major Resistance Level (R2) at 0.6282, followed by resistance at $0.63. The Third Major Resistance Level (R3) is located at 0.6304. Till we do not advise to buy NZD/USD.
Sell Scenario: - On the other hand, if the pair fails to move through the pivot, the First Major Support Level (S1) at 0.6210 comes into play. Unless there is a risk-off sentiment triggering a sell-off, the NZD/USD is expected to avoid falling below $0.62. The downside is likely to be limited by the Second Major Support Level (S2) at 0.6188.
The Third Major Support Level (S3) is positioned at 0.6163. Till we do not advise to sell NZD/USD.
Support and Resistance Level: -
SupportResistance
S1 0.6210-R1 0.6257
S2 0.6188-R2 0.6282
S3 0.6163-R3 0.6304

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