Published on Apr 27, 2023

Daily Analysis For NZD/USD 27-04-2023

NZD/USD Analysis

Economic Events and Scenario for NZD/USD

Economic Events : -

GMT	Event	Impact	Currency
00:01	(Ireland) Consumer Confidence	Low	EUR
00:50	(Japan) Foreign Bond Investment	Low	JPY
00:50	(Japan) Stock Investment by Foreigners	Low	JPY
01:00	(Netherlands) King's Birthday	None	EUR
02:00	(New Zealand) ANZ Business Confidence	Medium	NZD
02:30	(Australia) Export Prices QoQ	Low	AUD
02:30	(Australia) Import Prices QoQ	Low	AUD
02:30	(China) Industrial Profits (YTD) YoY	Low	CNY
06:00	(Japan) Leading Economic Index	Low	JPY
06:00	(Japan) Coincident Index	Low	JPY
06:00	(Finland) Consumer Confidence	Low	EUR
06:00	(Finland) Business Confidence	Low	EUR
07:00	(Lithuania) Retail Sales MoM	Low	EUR
07:00	(Lithuania) Retail Sales YoY	Low	EUR
08:00	(Slovakia) Consumer Confidence	Low	EUR
08:00	(Slovakia) Business Confidence	Low	EUR
08:00	(Spain) Retail Sales YoY	High	EUR
08:00	(Spain) Unemployment Rate	High	EUR
08:00	(Spain) Retail Sales MoM	High	EUR
09:00	(Italy) Consumer Confidence	Medium	EUR
09:00	(Italy) Business Confidence	Medium	EUR
09:30	(Portugal) Business Confidence	Low	EUR
09:30	(Portugal) Consumer Confidence	Low	EUR
10:00	(Euro Area) Consumer Confidence	Low	EUR
10:00	(Euro Area) Industrial Sentiment	Low	EUR
10:00	(Euro Area) Services Sentiment	Low	EUR
10:00	(Euro Area) Economic Sentiment	Medium	EUR
10:00	(Euro Area) Consumer Inflation Expectations	Low	EUR
10:00	(Euro area) Selling Price Expectations	Low	EUR
10:00	(Montenegro) Balance of Trade	Low	EUR
10:00	(Montenegro) Tourist Arrivals YoY	Low	EUR
10:00	(Belgium) GDP Growth Rate QoQ	Low	EUR
10:00	(Belgium) GDP Growth Rate YoY	Low	EUR
10:10	(Italy) 10-Year BTP Auction	Low	EUR
10:10	(Italy) 5-Year BTP Auction	Low	EUR
10:30	(Belgium) Inflation Rate YoY	Low	EUR
10:30	(Belgium) Inflation Rate MoM	Low	EUR
10:30	(Cyprus) Industrial Production YoY	Low	EUR
11:00	(Latvia) Retail Sales MoM	Low	EUR
11:00	(Latvia) Retail Sales YoY	Low	EUR
11:00	(Latvia) GDP Growth Rate QoQ	Low	EUR
11:00	(Latvia) GDP Growth Rate YoY	Low	EUR
12:00	(Spain) Business Confidence	Medium	EUR
12:00	(Canada) CFIB Business Barometer	Low	CAD
13:30	(United States) Initial Jobless Claims	High	USD
13:30	(United States) Jobless Claims 4-week Average	High	USD
13:30	(United States) Continuing Jobless Claims	High	USD
13:30	(United States) Real Consumer Spending QoQ	Low	USD
13:30	(United States) Core PCE Prices QoQ	Low	USD
13:30	(United States) GDP Sales QoQ	Low	USD
13:30	(United States) PCE Prices QoQ	Low	USD
13:30	(United States) GDP Price Index QoQ	Medium	USD
13:30	(United States) GDP Growth Rate QoQ	High	USD
13:30	(Canada) Average Weekly Earnings YoY	Low	CAD
15:00	(United States) Pending Home Sales MoM	Medium	USD
15:00	(United States) Pending Home Sales YoY	Medium	USD
15:01	(Australia) CoreLogic Dwelling Prices MoM	Low	AUD
15:30	(United States) EIA Natural Gas Stocks Change	Low	USD
16:00	(United States) Kansas Fed Composite Index	Low	USD
16:00	(United States) Kansas Fed Manufacturing Index	Low	USD
16:30	(United States) 8-Week Bill Auction	Low	USD
16:30	(United States) 4-Week Bill Auction	Low	USD
17:15	(Euro Area) ECB Panetta Speech	Low	EUR
18:00	(United States) 7-Year Note Auction	Low	USD
22:00	(New Zealand) ANZ Roy Morgan Consumer Confidence	Low	NZD

Today's Scenario: - The NZD/USD pair is trading at 0.6140, showing a rebound from a six-week low and breaking a two-day downtrend. The strengthening of the Kiwi pair is likely due to the broad weakness of the US Dollar, along with mixed catalysts at home.

In the latest news, the Australia and New Zealand Banking Group (ANZ) released monthly figures for New Zealand’s (NZ) Activity Outlook and Business Confidence for April. The Activity Outlook has improved to -7.6% from -8.5%, compared to the prior reading of -8.9%, while Business Confidence has plummeted to -43.8, lower than analysts’ expectations and the previous readings of -43.4.

Buy Scenario: - The NZD/USD pair is currently trading at $0.6140 and needs to surpass the $0.6125 pivot level to reach the First Major Resistance Level (R1) at $0.6139, followed by the Wednesday high of $0.61486. A bullish session would be confirmed by a return to $0.6125, but this requires support from positive business confidence figures before the US session.

If the breakout occurs, the next resistance levels for the Kiwi are the Second Major Resistance Level (R2) at $0.6162 and the Third Major Resistance Level (R3) at $0.6199. Till we do not advise to buy NZD/USD.

Sell Scenario: - In the event of a failure to break through the pivot, the First Major Support Level (S1) at $0.6102 would come into play, but it is unlikely for the NZD/USD pair to fall below $0.6050 without any significant negative data. The Second Major Support Level (S2) at $0.6089 is expected to provide support and limit the downside, followed by the Third Major Support Level (S3) at $0.6052. Till we do not advise to sell NZD/USD.

Support and Resistance Level: -