- The New Zealand Dollar gained traction recently and moved above 0.6930 against the US Dollar.
- The NZDUSD pair is currently well placed above a bullish trend line with support at 0.6935 on the hourly chart.
- The New Zealand Employment Change for Q1 2017 released by the Statistics New Zealand came in at 1.2%, more than the forecast of 0.8%.
NZDUSD Technical Analysis
The New Zealand Dollar traded with a positive bias recently and moved above the 0.6880 and 0.6900 resistance levels against the US Dollar. The NZDUSD pair traded as high as 0.6967 where it faced resistance.
The pair is currently correcting lower, and trading below the 23.6% Fib retracement level of the last wave from the 0.6899 low to 0.6967 high.
However, there is a major support at 0.6935 on the hourly chart in the form of a bullish trend line.
NZDUSD Hourly Chart
Moreover, the 50% Fib retracement level of the last wave from the 0.6899 low to 0.6967 high is also at 0.6933 along with the bullish trend line.
So, if the pair continues to move down, then the New Zealand Dollar buyers are likely to take a stand near the 0.6935-30 support area.
On the upside, an initial resistance is at 0.6960, followed by the last swing high at 0.6967.
New Zealand Employment Change
Today in New Zealand, the Employment Change for Q1 2017 was released by the Statistics New Zealand. The market was expecting a change of around 0.8% in Q1 2017, compared with the last 0.8%.
The actual result was better than the forecast, as the Employment Change was 1.2%, and the last reading was revised down from 0.8% to 0.7%. So, the overall change was positive.
The New Zealand Unemployment Rate for Q1 2017 was expected to remain stable at 5.2%, but the outcome was better, as there was decline to 4.9%.
Commenting on the data, the labor market and household statistics senior manager, Mark Gordon, stated:
In the March quarter, 6,000 fewer people were unemployed. The unemployment rate for men fell from 4.8 percent to 4.2 percent, making it the lowest rate since the December 2008 quarter. However, the unemployment rate for women was unchanged.
Overall, the result was positive, and may help NZDUSD in gaining pace as long as above 0.7930.