Daily Analysis For NZD/USD 18-05-2023

Daily Analysis For NZD/USD 18-05-2023

NZD/USD Analysis
NZD/USD
Economic Events and Scenario for NZD/USD
Economic Events : -
GMTEventImpactCurrency
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
00:50(Japan) Imports YoYLowJPY
00:50(Japan) Exports YoYMediumJPY
00:50(Japan) Balance of TradeHighJPY
01:00(Austria) Ascension DayNoneEUR
01:00(Belgium) Ascension DayNoneEUR
01:00(Euro Area) Ascension DayNoneEUR
01:00(Finland) Ascension DayNoneEUR
01:00(France) Ascension DayNoneEUR
01:00(Germany) Ascension DayNoneEUR
01:00(Luxembourg) Ascension DayNoneEUR
01:00(Netherlands) Ascension DayNoneEUR
01:00(Switzerland) Ascension DayNoneCHF
02:30(Australia) Part Time Employment ChgMediumAUD
02:30(Australia) Participation RateLowAUD
02:30(Australia) Full Time Employment ChgMediumAUD
02:30(Australia) Unemployment RateHighAUD
02:30(Australia) Employment ChangeHighAUD
04:00(East Timor) Inflation Rate YoYLowUSD
04:00(East Timor) Inflation Rate MoMLowUSD
04:35(Japan) 52-Week Bill AuctionLowJPY
07:30(Euro Area) ECB Guindos SpeechHighEUR
09:00(Spain) Balance of TradeMediumEUR
09:40(Spain) Obligacion AuctionLowEUR
09:40(Spain) 5-Year Bonos AuctionLowEUR
10:00(Euro Area) ECB President Lagarde SpeechMediumEUR
11:00(Portugal) PPI MoMLowEUR
11:00(Portugal) PPI YoYLowEUR
11:00(Slovakia) Unemployment RateLowEUR
11:30(Portugal) Private Consumption YoYLowEUR
11:30(Portugal) Economic Activity YoYLowEUR
13:30(United States) Philadelphia Fed Manufacturing IndexMediumUSD
13:30(United States) Philly Fed Business ConditionsLowUSD
13:30(United States) Philly Fed CAPEX IndexLowUSD
13:30(United States) Philly Fed EmploymentLowUSD
13:30(United States) Philly Fed New OrdersLowUSD
13:30(United States) Philly Fed Prices PaidLowUSD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(Canada) New Housing Price Index YoYMediumCAD
13:30(Canada) New Housing Price Index MoMMediumCAD
14:05(United States) Fed Jefferson SpeechMediumUSD
14:30(United States) Fed Barr TestimonyMediumUSD
15:00(United States) Existing Home Sales MoMHighUSD
15:00(United States) Existing Home SalesHighUSD
15:00(United States) CB Leading Index MoMLowUSD
15:00(United States) Fed Logan SpeechMediumUSD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
18:00(United States) 10-Year TIPS AuctionLowUSD
20:00(El Salvador) Balance of TradeLowUSD
23:45(New Zealand) Balance of TradeMediumNZD
23:45(New Zealand) ExportsLowNZD
23:45(New Zealand) ImportsLowNZD
Today's Scenario: - The NZD/USD pair is facing difficulties in gaining momentum despite New Zealand's no-frills budget announcement. It is trading defensively near 0.6250 in early Thursday trading, although it has shown a slight recovery from its intraday low. This lack of upward movement may be attributed to the US dollar's recent strength, as it continues to trend higher after reaching a multi-day high on the previous day.
According to the New Zealand Treasury, the economy is expected to avoid a recession, but the projected return to a budget surplus has been delayed by one year to 2026. During the announcement of the annual budget, NZ Finance Minister Grant Robertson also mentioned that the recent widening of the current account deficit is expected to reverse.
Buy Scenario: - For the NZD/USD pair, breaking through the pivot level at 0.6249 is necessary to target the First Major Resistance Level (R1) at 0.6273 and the Wednesday high of 0.6273. A return to 0.6250 would indicate a bullish session. However, a breakout would require support from news regarding the US debt ceiling and the annual budget.
In the event of a breakout, the Kiwi would likely test the Second Major Resistance Level (R2) at 0.6297 and face resistance at $0.63. The Third Major Resistance Level (R3) is positioned at $0.6346. Till we do not advise to buy NZD/USD.
Sell Scenario: - If the pivot level cannot be surpassed, the First Major Support Level (S1) at 0.6225 would come into play. However, unless there is a risk-off sell-off, the NZD/USD pair should avoid falling below sub-$0.62. The Second Major Support Level (S2) at 0.6201 is expected to provide downside support.
The Third Major Support Level (S3) is located at 0.6177. Till we do not advise to sell NZD/USD.
Support and Resistance Level: -
SupportResistance
S1 0.6225-R1 0.6273
S2 0.6201-R2 0.6297
S3 0.6177-R3 0.6321

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