NZD/USD: bulls are rescued on jobs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD has been rescued on the jobs data with the unemployment improving at 5.3% vs 6.0% prior and 6.1% expected as well as the employment rate 0.9% vs 0.8% expected vs -0.4% previous, all for Q4 2015. The price has rallied from a low of 0.6490 and to score a high of 0.6540 so far at time of writing.

    NZD/USD was in a downtrend yesterday from 0.6558 the high and bottomed overnight 0.6461 prior to a consolidation phase ahead of today's data from New Zealand. This result should offer the bird further stability within its reversal of the 2016 downtrend, however, at a closer inspection, the participation rate was only 68.4% vs 68.9% expected and 68.6% previous.

    We now await the nonfarm payrolls on Friday and today we will have RBNZ's Governor speaking on ‘The Global Economy, New Zealand's Economic Outlook, and the Policy Targets Agreement' for some additional support to trading today.

    NZD/USD levels

    NZD/USD has penetrated the 20 sma on the 1hr chart targeting yesterday's highs ahead of the 100 dma is located at 0.6591 while the 20 dma is located at 0.6498. The pivot is located at 0.6518 and the price is being pulled back to here after the knee jerk bid. R1 is located at at 0.6588, R2 at 0.6627 and R3 at 0.6697. To the downside, S1 is located at 0.6479, S2 at 0.6409 and S3 at 0.6370.
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