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Market Analysis

Home » Featured » NZDUSD – Gains Continue After Impressive Employment Report

NZDUSD – Gains Continue After Impressive Employment Report

Posted by FXTimes in Featured - February 3rd, 2016 1:49 pm GMT

New Zealand dollar NZDUSD

Key Points

  • New Zealand Dollar buyers overcame all odds and pushed the NZDUSD pair higher during the past couple of sessions.
  • There was a bearish trend line on the hourly chart, which was broken during the upside drift.
  • New Zealand Employment Change reported by the Statistics New Zealand registered a reading of 0.9% in the fourth quarter of 2015, above the market expectation.
  • The New Zealand Unemployment Rate was also positive, as it fell from 6% to 5.3%.

Technical Analysis

The New Zealand Dollar spiked higher today, as buyers were under control after the employment report release. There was a bearish trend line on the hourly chart of NZDUSD, which was cleared by buyers to take the pair higher.

NZDUSD

If the pair corrects lower from the current levels, then there is a chance of it finding buyers near the broken trend line. The 23.6% Fib retracement level of the last leg from the 0.6474 low to 0.6611 high is also aligned around the broken trend line.

On the upside, the NZDUSD pair may head towards the 0.6640 level, where sellers might step in.

New Zealand Employment Data

Today during the Asian session, the New Zealand Employment Change report was released by the Statistics New Zealand. The outcome was way above the market expectation, as the Employment Change gained 0.9% in the fourth quarter of 2015, which was above the forecast of 0.8%. The most impressive figure was the Unemployment Rate, as it moved down to 5.3%.

Overall, there were many reasons for the NZD bulls to take the NZDUSD pair higher.

Moving ahead, there is a chance that the pair may test 0.6640, and buying dips can be an option.

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