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

NZD/USD bears are lurking in a key resistance zone.
All eyes turn to the NZ jobs data today.

Ross J Burland FXStreet

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.

NZD/USD

Overview
Today last price	0.6209
Today Daily Change	0.0043
Today Daily Change %	0.70
Today daily open	0.6166

Trends
Daily SMA20	0.6204
Daily SMA50	0.6207
Daily SMA100	0.6285
Daily SMA200	0.616

Levels
Previous Daily High	0.6201
Previous Daily Low	0.616
Previous Weekly High	0.6189
Previous Weekly Low	0.6111
Previous Monthly High	0.6389
Previous Monthly Low	0.6111
Daily Fibonacci 38.2%	0.6176
Daily Fibonacci 61.8%	0.6185
Daily Pivot Point S1	0.615
Daily Pivot Point S2	0.6135
Daily Pivot Point S3	0.6109
Daily Pivot Point R1	0.6191
Daily Pivot Point R2	0.6217
Daily Pivot Point R3	0.6232

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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