NZD/USD bulls move in on key weekly resistance into the NZ jobs data

NZD/USD is pressured to the upside as we head towards the main events this week, starting today, Wednesday. On Tuesday, the pair rallied to 0.6218, and is now meeting resistance. The pair was up 0.68% into the close in Wall Street and had moved up from a low of 0.6163. 

´´The Kiwi was one of the better performers overnight, having extended or held up on most crosses. It even clawed back losses against the AUD in the wake of the surprise RBA hike yesterday, which was an initial catalyst for Antipodean currency strength,´´ analysts at ANZ Bank said.

All about NZ jobs data

´´Volatility is picking up as US regional bank wobbles deepen, with markets split as to implications for monetary policy (and the Fed decision due at 6am tomorrow). But today is all about local labour market data, and our picks for the various readings are on the stronger side,´´ the analysts added.

´´Labour market data is lagging, and so are often dismissed late-cycle, but the data are notoriously hard to pick and it’ll ultimately come down to how strong the data really are.´´

NZDUSD technical analysis

The M-formation on the weekly chart is compelling. The bears could be lurking around the neckline resistance and while on the front side of the trendline resistance, the bias is bearish.