Published on Apr 21, 2023

Daily Analysis For NZD/USD 21-04-2023

NZD/USD Analysis

Economic Events and Scenario for NZD/USD

Economic Events : -

GMT	Event	Impact	Currency
00:00	(Australia) Judo Bank Services PMI	High	AUD
00:00	(Australia) Judo Bank Manufacturing PMI	High	AUD
00:00	(Australia) Judo Bank Composite PMI	Low	AUD
00:01	(United Kingdom) Gfk Consumer Confidence	High	GBP
00:30	(Japan) Inflation Rate Ex-Food and Energy YoY	Low	JPY
00:30	(Japan) Core Inflation Rate YoY	Medium	JPY
00:30	(Japan) Inflation Rate MoM	Low	JPY
00:30	(Japan) Inflation Rate YoY	High	JPY
01:30	(Japan) Jibun Bank Composite PMI	Low	JPY
01:30	(Japan) Jibun Bank Services PMI	Medium	JPY
01:30	(Japan) Jibun Bank Manufacturing PMI	Medium	JPY
05:00	(Japan) 3-Month Bill Auction	Low	JPY
07:00	(United Kingdom) Retail Sales MoM	High	GBP
07:00	(United Kingdom) Retail Sales YoY	High	GBP
07:00	(United Kingdom) Retail Sales ex Fuel MoM	High	GBP
07:00	(United Kingdom) Retail Sales ex Fuel YoY	High	GBP
08:00	(Euro Area) ECB Guindos Speech	High	EUR
08:15	(France) S&P Global Composite PMI	Low	EUR
08:15	(France) S&P Global Manufacturing PMI	Medium	EUR
08:15	(France) S&P Global Services PMI	Medium	EUR
08:30	(Germany) S&P Global Composite PMI	Low	EUR
08:30	(Germany) S&P Global Services PMI	High	EUR
08:30	(Germany) S&P Global Manufacturing PMI	High	EUR
09:00	(Euro Area) S&P Global Manufacturing PMI	High	EUR
09:00	(Euro Area) S&P Global Services PMI	High	EUR
09:00	(Euro Area) S&P Global Composite PMI	Low	EUR
09:00	(Italy) Construction Output YoY	Low	EUR
09:30	(Slovenia) Consumer Confidence	Low	EUR
09:30	(Slovenia) PPI YoY	Low	EUR
09:30	(United Kingdom) S&P Global/CIPS Composite PMI	Low	GBP
09:30	(United Kingdom) S&P Global/CIPS Manufacturing PMI	High	GBP
09:30	(United Kingdom) S&P Global/CIPS UK Services PMI	High	GBP
10:00	(Euro Area) Government Debt to GDP	Medium	EUR
10:00	(Euro Area) Government Budget to GDP	Medium	EUR
10:10	(Italy) Index-Linked BTP Auction	Low	EUR
10:10	(Italy) BTP Short Term	Low	EUR
11:00	(Ireland) Wholesale Prices MoM	Low	EUR
11:00	(Ireland) Wholesale Prices YoY	Low	EUR
13:00	(Kosovo) Balance of Trade	Low	EUR
13:30	(Canada) Retail Sales Ex Autos MoM	High	CAD
13:30	(Canada) Retail Sales YoY	High	CAD
13:30	(Canada) Retail Sales MoM	High	CAD
14:45	(United States) S&P Global Manufacturing PMI	High	USD
14:45	(United States) S&P Global Composite PMI	Medium	USD
14:45	(United States) S&P Global Services PMI	High	USD
15:30	(Slovenia) Unemployment Rate	Low	EUR
15:30	(Euro Area) ECB Elderson Speech	Low	EUR
18:00	(El Salvador) Balance of Trade	Low	USD
18:00	(United States) Baker Hughes Total Rig Count	Low	USD
18:00	(United States) Baker Hughes Oil Rig Count	Low	USD
18:45	(Euro Area) ECB Guindos Speech	High	EUR
21:35	(United States) Fed Cook Speech	Medium	USD

Today's Scenario: - The NZD/USD pair is currently trading above the 0.6170 level in the early Asian session, showing a slight recovery from the 0.6150 level. However, the Kiwi asset is expected to continue its bearish trend below the 0.6150 level, as Federal Reserve (Fed) policymakers are advocating for a more conservative monetary policy from the central bank, despite easing labor market conditions in the United States.

Meanwhile, S&P500 futures are displaying minor gains in the Asian session after experiencing three consecutive bearish sessions, indicating that overall market sentiment is still negative. On Thursday, US equities faced significant pressure as investors expressed dissatisfaction with the price-cutting spree by Electric Vehicle (EV) maker Tesla.

Buy Scenario: - The NZD/USD pair needs to stay above the pivot point at $0.6174 to reach the first major resistance level (R1) at $0.6198 and potentially test Thursday's high of $0.6206. A return to $0.62 would indicate a bullish session, but market risk sentiment must support a breakout.

If there is a breakout, the Kiwi would probably test the second major resistance level (R2) at $0.6231. The third major resistance level (R3) is at $0.6288. Till we do not advise to buy NZD/USD.

Sell Scenario: - On the downside, if the pair falls below the pivot point, the first major support level (S1) at $0.6141 may come into play. However, unless there is a sell-off fueled by data, the NZD/USD pair is likely to avoid the second major support level (S2) at $0.6117. Till we do not advise to sell NZD/USD.

Support and Resistance Level: -