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Technical Analysis: NZDUSD renews declines to key support-zone after mixed NZ jobs data

A weaker than expected Q4 Unemployment Rate from New Zealand couldn't supersede soft Employment Change on Wednesday. As a result, NZDUSD fails to extend the previous recovery while witnessing a pullback towards the near-term key support-zone. Multiple tops marked during late-November 2019, together with Tuesday's low, portray 0.6435/48 as an important rest area. If at all the bears manage to ignore RSI conditions and fetch the quote below 0.6435, 0.6380 and November 2019 low around 0.6320 will be crucial levels to watch.

During the pair's recovery, as indicated by oversold RSI conditions and multiple bounces off the key support area, a 100-day EMA level of 0.6525 will become the immediate resistance. However, the pair's recovery past-0.6525 may find it tough to cross 0.6550/55 resistance confluence including 21-day EMA and a descending trend line since December 31, 2019.

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