Published on Mar 24, 2023

Daily Analysis For NZD/USD 24-03-2023

NZD/USD Analysis

Economic Events and Scenario for NZD/USD

Economic Events : -

GMT	Event	Impact	Currency
0:01	(Ireland) Consumer Confidence	Low	EUR
0:01	(United Kingdom) Gfk Consumer Confidence	High	GBP
0:30	(Japan) Jibun Bank Services PMI	Medium	JPY
0:30	(Japan) Jibun Bank Composite PMI	Low	JPY
0:30	(Japan) Jibun Bank Manufacturing PMI	Medium	JPY
3:35	(Japan) 3-Month Bill Auction	Low	JPY
5:30	(Netherlands) GDP Growth Rate QoQ	Medium	EUR
5:30	(Netherlands) GDP Growth Rate YoY	Medium	EUR
6:00	(Finland) Import Prices YoY	Low	EUR
6:00	(Finland) PPI YoY	Low	EUR
6:00	(Finland) Export Prices YoY	Low	EUR
7:00	(United Kingdom) Retail Sales MoM	High	GBP
7:00	(United Kingdom) Retail Sales YoY	High	GBP
7:00	(United Kingdom) Retail Sales ex Fuel MoM	High	GBP
7:00	(United Kingdom) Retail Sales ex Fuel YoY	High	GBP
8:00	(European Union) European Council Meeting	Medium	EUR
8:00	(Spain) PPI YoY	Low	EUR
8:00	(Spain) GDP Growth Rate QoQ	Medium	EUR
8:00	(Spain) GDP Growth Rate YoY	Medium	EUR
8:15	(France) S&P Global Composite PMI	Low	EUR
8:15	(France) S&P Global Services PMI	Medium	EUR
8:15	(France) S&P Global Manufacturing PMI	Medium	EUR
8:30	(Germany) S&P Global Composite PMI	Low	EUR
8:30	(Germany) S&P Global Services PMI	High	EUR
8:30	(Germany) S&P Global Manufacturing PMI	High	EUR
9:00	(Euro Area) S&P Global Composite PMI	Low	EUR
9:00	(Euro Area) S&P Global Manufacturing PMI	High	EUR
9:00	(Euro Area) S&P Global Services PMI	High	EUR
9:30	(Slovenia) Business Confidence	Low	EUR
9:30	(Slovenia) Tourist Arrivals YoY	Low	EUR
9:30	(United Kingdom) S&P Global/CIPS Composite PMI	Low	GBP
9:30	(United Kingdom) S&P Global/CIPS Manufacturing PMI	High	GBP
9:30	(United Kingdom) S&P Global/CIPS UK Services PMI	High	GBP
9:30	(Germany) Bundesbank Nagel Speech	Low	EUR
11:00	(Luxembourg) Current Account	Low	EUR
11:00	(Netherlands) Current Account	Low	EUR
12:30	(Canada) Wholesale Sales MoM	Low	CAD
12:30	(Canada) Retail Sales YoY	High	CAD
12:30	(Canada) Retail Sales Ex Autos MoM	High	CAD
12:30	(Canada) Retail Sales MoM	High	CAD
12:30	(Canada) Manufacturing Sales MoM	Low	CAD
12:30	(United States) Non Defense Goods Orders Ex Air	Low	USD
12:30	(United States) Durable Goods Orders ex Defense MoM	High	USD
12:30	(United States) Durable Goods Orders MoM	High	USD
12:30	(United States) Durable Goods Orders Ex Transp MoM	High	USD
13:30	(United States) Fed Bullard Speech	Medium	USD
13:45	(United States) S&P Global Composite PMI	Medium	USD
13:45	(United States) S&P Global Services PMI	High	USD
13:45	(United States) S&P Global Manufacturing PMI	High	USD
14:00	(Belgium) Business Confidence	Low	EUR
16:00	(United Kingdom) BoE L Mann Speech	Medium	GBP
17:00	(United States) Baker Hughes Oil Rig Count	Low	USD
17:00	(United States) Baker Hughes Total Rig Count	Low	USD

Today's Scenario: - During early Friday morning, NZD/USD trimmed its intraday losses and is currently trading around 0.6240. This rebound in the Kiwi pair may be attributed to dovish concerns surrounding the Federal Reserve's next move, as well as downbeat yields. However, fears of a ballooning Fed balance sheet due to the Fed's heavy lending amid the banking rout renew hawkish calls for the US central bank's next moves. Nonetheless, the mixed US data and the latest Fed statement seem to challenge the policy hawks, while comments from key market players like DoubleLine's Gundlach, who recently reiterated his dovish bias for the US central banks, could also be challenging the US Dollar.

Buy Scenario: - The NZD/USD pair is currently showing limited price action, trading within a 100-pip range between the 21-day moving average (21-DMA) at around 0.6200 and the 50-day moving average (50-DMA) at around 0.6300.Till we do not advise to buy NZD/USD.

Sell Scenario: - NZD/USD is currently experiencing a decline and approaching a significant trendline support. As of now, the pair is trading at 0.6234, fluctuating between the day's low of 0.6230 and high of 0.6254. The recent breakdown of structure suggests a potential downward correction. Till we do not advise to sell NZD/USD.

Support and Resistance Level: -