NZDUSD Analysis
| Week Ending 2024-07-26 | |||
| Open | High | Low | Close |
| 0.60 | 0.60 | 0.59 | 0.59 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.05% | -3.2 Pips |  |
||
| Week 2024-07-26 | -2.29% | -138.1 Pips | |
||
| July | -3.49% | -213.1 Pips | |
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Upcoming key events for the new week (London Time)
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate) 
Thu 01:30 PM Initial Unemployment Insurance Claims Fri 01:30 PM Nonfarm Payroll Employment Fri 01:30 PM Average Hourly Earnings (1-mth) Fri 01:30 PM Average Hourly Earnings (12-mth)
What happened over the week
🇺🇸 The U.S. Michigan Index of Consumer Sentiment rose to 66.4 points in July, up from 66 points in June. Source: University of Michigan
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in June dropped to 2.5% compared to the previous figure of 2.6% in May. Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in June rose to 0.1% from 0% in May. Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP annual rate in the Q2 flash estimate rose to 2.8%, compared to the previous figure of 1.4% in Q1. Source: Bureau of Economic Analysis
🇺🇸 U.S. Durable Goods – New Orders in June dropped to -6.6% from 0.1% in May. Source: Census Bureau
🇺🇸 U.S. Durable Goods Orders excluding Transportation rose to 0.5% in June compared to -0.1% in May. Source: Census Bureau
🇺🇸 In the week ending 20 July, U.S. Initial Unemployment Insurance Claims dropped to 235K compared to previous figure 245K (revised from 243K) Source: Department of Labor
🇺🇸 U.S. New-Home Sales Change (1-mth) in June improved to -0.6% from a revised -14.9% in May.
From X (Twitter)
Latest release: Annual inflation at 3.3 percent.https://t.co/UhW10UzwpO pic.twitter.com/BpzoHOZvaM
— Stats NZ (@Stats_NZ) July 16, 2024
What can we expect from NZDUSD for the new week and what happened on Friday?
NZDUSD on Friday dropped -0.05% to 0.59. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2024-07-26, the pair dropped -2.29% or -138.1 pips lower.
Looking ahead, NZDUSD looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook looks bearish, immediate support level is at 0.59 (WS1) with break below could see further selling pressure towards 0.58 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.60 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 0.59 would indicate selling pressure.
For the month of July, NZDUSD is down by -3.49% or -213.1 pips lower.
Weekly key levels to watch out:
| R3 | 0.60 |
| R2 | 0.60 |
| R1 | 0.60 |
| Weekly Pivot | 0.59 |
| S1 | 0.59 |
| S2 | 0.58 |
| S3 | 0.58 |
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