Daily Analysis For NZD/USD 26-04-2023

Daily Analysis For NZD/USD 26-04-2023

NZD/USD Analysis
NZD/USD
Economic Events and Scenario for NZD/USD
Economic Events : -
GMTEventImpactCurrency
02:30(Australia) RBA Trimmed Mean CPI QoQHighAUD
02:30(Australia) RBA Weighted Median CPI YoYHighAUD
02:30(Australia) RBA Weighted Median CPI QoQHighAUD
02:30(Australia) Inflation Rate QoQMediumAUD
02:30(Australia) Inflation Rate YoYHighAUD
02:30(Australia) RBA Trimmed Mean CPI YoYHighAUD
02:30(Australia) CPIHighAUD
02:30(Australia) Monthly CPI IndicatorHighAUD
04:00(New Zealand) Credit Card Spending YoYLowNZD
04:35(Japan) 2-Year JGB AuctionLowJPY
05:30(Netherlands) Retail Sales YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(Germany) GfK Consumer ConfidenceHighEUR
07:45(France) Consumer ConfidenceMediumEUR
08:30(Euro Area) ECB Enria SpeechLowEUR
09:00(Austria) Bank Austria Manufacturing PMIHighEUR
09:00(Switzerland) Economic Sentiment IndexLowCHF
09:30(United Kingdom) Labour Productivity QoQLowGBP
09:30(Slovenia) Retail Sales YoYLowEUR
09:30(Slovenia) Retail Sales MoMLowEUR
10:10(Italy) 6-Month BOT AuctionLowEUR
10:20(Euro Area) ECB Jochnick SpeechLowEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
11:00(France) Jobseekers TotalLowEUR
11:00(France) Unemployment Benefit ClaimsMediumEUR
11:00(United Kingdom) CBI Distributive TradesMediumGBP
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
13:00(Euro Area) ECB Guindos SpeechHighEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(United States) Wholesale Inventories MoMMediumUSD
13:30(United States) Retail Inventories Ex Autos MoMMediumUSD
13:30(United States) Goods Trade BalanceHighUSD
13:30(United States) Non Defense Goods Orders Ex AirLowUSD
13:30(United States) Durable Goods Orders MoMHighUSD
13:30(United States) Durable Goods Orders ex Defense MoMHighUSD
13:30(United States) Durable Goods Orders Ex Transp MoMHighUSD
14:45(Euro Area) ECB Tuominen SpeechLowEUR
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
16:30(United States) 2-Year FRN AuctionLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 30-Year Bond AuctionLowCAD
18:00(United States) 5-Year Note AuctionLowUSD
18:30(Canada) BoC Summary of DeliberationsMediumCAD
Today's Scenario: - The NZD/USD pair is currently trading in the mid-0.6100s, consolidating its losses from the previous day during early Wednesday in the Asia-Pacific region. The Kiwi pair is failing to find support despite downbeat New Zealand trade numbers and broad strength in the US Dollar amidst a risk-off market sentiment ahead of the crucial US Durable Goods Orders for March.
The NZ Trade Balance figures for the month showed a drop to $-1,273M compared to the previous figure of $-796M (revised), and the annual trade deficit increased to $16.4B from the previous revised figure of $-15.72B. However, exports rose to $6.51B during the month, higher than the previous revised figure of $5.06B, whereas imports increased to $7.78B from the previous figure of $5.86B.
Buy Scenario: - The NZD/USD is currently consolidating in the mid-0.6100s, but a move above the pivot at $0.6152 could lead to a target of the First Major Resistance Level (R1) at $0.6171. A breakout above $0.6175 would indicate a bullish session, but this would depend on market risk sentiment before the US session.
If the NZD/USD breaks out, it could test resistance at the Tuesday high of $0.61873, but it may fall short of the Second Major Resistance Level (R2) at $0.6206. The Third Major Resistance Level (R3) is at $0.6260. Till we do not advise to buy NZD/USD.
Sell Scenario: - However, if the NZD/USD fails to move through the pivot, the First Major Support Level (S1) at $0.6118 would come into play. Unless there is another risk-off sell-off, the Second Major Support Level (S2) at $0.6099 should limit the downside. The Third Major Support Level (S3) is at $0.6045.
Based on the EMAs and the 4-hourly chart, the NZD/USD is showing bearish signals. The pair is currently trading below the 50-day EMA, which is at $0.61791. The 50-day EMA fell below the 100-day and 200-day EMAs, while the 100-day EMA also dropped below the 200-day EMA, indicating bearish signals.
A move above R1 ($0.6171) would give the bulls a chance to test the 50-day EMA and Tuesday's high at $0.61873. However, if the NZD/USD fails to move through the 50-day EMA, S1 ($0.6118) would come into play. A move through the 50-day EMA would signal a bullish move. Till we do not advise to sell NZD/USD.
Support and Resistance Level: -
SupportResistance
S1 0.6117-R1 0.6174
S2 0.6096-R2 0.6210
S3 0.6060-R3 0.6231

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