Blog post

​Technical Analysis: NZDUSD stays below 61.8% Fibonacci, inside ascending channel after NZ Q1 employment data

Although upbeat prints of New Zealand's first quarter (Q1) employment figures please NZD/USD buyers, 61.8% Fibonacci retracement of the pair's March month fall restricts the kiwi pair's immediate upside around 0.6075/80. In a case where the quote manages to remain strong beyond 0.6080, as expected from positive data and rising RSI, mid-April top near 0.6130, followed by the April month high close to 0.6155, could lure the bulls.

Meanwhile, sellers will look for entries below the week's low around 0.6010. In doing so, the support line of the five-week-old ascending trend channel and 50% Fibonacci retracement can check the bear close to 0.5955/50. If at all there prevails a clear fall below 0.5950, April month low and 38.2% Fibonacci retracement can please the sellers with a 0.5840 mark.

Join us on FB and Twitter to stay updated on the latest market events.