Daily Analysis For NZD/USD 20-04-2023

Daily Analysis For NZD/USD 20-04-2023

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
02:15(China) Loan Prime Rate 1YMediumCNY
02:15(China) Loan Prime Rate 5YMediumCNY
04:35(Japan) 20-Year JGB AuctionLowJPY
05:30(Japan) Tertiary Industry Index MoMLowJPY
05:30(Netherlands) Unemployment RateMediumEUR
05:30(Netherlands) Consumer ConfidenceMediumEUR
06:00(Estonia) PPI YoYLowEUR
06:00(Estonia) PPI MoMLowEUR
07:00(Germany) PPI YoYLowEUR
07:00(Germany) PPI MoMMediumEUR
07:45(France) Business Climate IndicatorLowEUR
07:45(France) Business ConfidenceMediumEUR
09:00(Greece) Current AccountLowEUR
09:00(Spain) Balance of TradeMediumEUR
09:40(Spain) 7-Year Obligacion AuctionLowEUR
09:40(Spain) 10-Year Obligacion AuctionLowEUR
10:00(China) FDI (YTD) YoYMediumCNY
10:00(Euro Area) Balance of TradeMediumEUR
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(France) 5-Year BTAN AuctionLowEUR
10:00(France) 3-Year BTAN AuctionLowEUR
11:00(France) 10-Year Index-Linked OAT AuctionLowEUR
11:00(Luxembourg) Unemployment RateLowEUR
11:00(Portugal) PPI YoYLowEUR
11:00(Portugal) PPI MoMLowEUR
12:30(Euro Area) ECB Monetary Policy Meeting AccountsMediumEUR
13:30(United States) Philadelphia Fed Manufacturing IndexMediumUSD
13:30(United States) Philly Fed Business ConditionsLowUSD
13:30(United States) Philly Fed EmploymentLowUSD
13:30(United States) Philly Fed CAPEX IndexLowUSD
13:30(United States) Philly Fed Prices PaidLowUSD
13:30(United States) Philly Fed New OrdersLowUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Initial Jobless ClaimsHighUSD
15:00(Euro Area) Consumer ConfidenceMediumEUR
15:00(United States) Existing Home Sales MoMHighUSD
15:00(United States) Existing Home SalesHighUSD
15:00(United States) CB Leading Index MoMLowUSD
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
17:00(United States) Fed Waller SpeechMediumUSD
18:00(United States) 5-Year TIPS AuctionLowUSD
20:00(United States) Fed Bowman SpeechMediumUSD
21:15(Euro Area) ECB Schnabel SpeechLowEUR
Today's Scenario: - During the mid-Asian session on Thursday, NZD/USD bears kept control at the lowest levels in five weeks, defending NZ inflation-related losses around 0.6160. The Kiwi pair's current downtrend is attributed to the disappointing NZ Q1 inflation, which not only justifies the recent break of a one-month-old horizontal support (now turned resistance), but also the bearish MACD signals. The negative surprise in the NZ CPI figure of 1.2% QoQ, versus the expected 1.7% and 1.4% prior, has dampened the spirits of policy hawks at the Reserve Bank of New Zealand (RBNZ).
Buy Scenario: - In NZD/USD any recovery attempts will face resistance on an uptick beyond the 0.6170 support-turned-resistance level. The 200-SMA hurdle of 0.6220 becomes critical for the NZD/USD buyers to regain control.
If the NZD/USD pair manages to stay firm above 0.6220, the quote could make a run-up towards the previous weekly high of around 0.6315, followed by the monthly peak of 0.6386. Till we do not advise to buy NZD/USD.
Sell Scenario: - After the disappointing inflation data, the NZD/USD pair broke through a one-month-old horizontal support level, now acting as a nearby resistance around 0.6170. This move, combined with the bearish MACD signals, has put the control in the hands of the bears, directing them towards a 1.5-month-old horizontal support zone near 0.6140.
If the bears continue to hold their grip past the 0.6140 level, the possibility of a fresh 2023 low, currently around 0.6085, cannot be ruled out. Till we do not advise to sell NZD/USD.
Support and Resistance Level: -
SupportResistance
S1 0.6173-R1 0.6228
S2 0.6145-R2 0.6255
S3 0.6118-R3 0.6283

Discussion

default man
Explore
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023: Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...

;