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NZD Rises on Strong Job Data and Other News

NZD Rises on Strong Job Data and Other News

Updated

Latest news

  • New Zealand reported strong labor data. As a result, the New Zealand dollar surged! NZD/USD rocketed to 0.7050.
  • Australia’s retail sales met the expectations: they dropped by 1.8%. The Australian dollar has modestly reacted. AUD/USD rose but failed to cross the psychological mark of 0.7400.
  • Investors keep assessing regulatory risks in China on tech giants. Alibaba’s revenue missed estimates for the first time in 2 years – the negative effect of China’s crackdown.
  • Follow the ADP report today at 15:30 GMT+3. It will give an early look at the US employment ahead of the Nonfarm payrolls on Friday (NFP).

Technical tips

NZD/USD has jumped above the 38.2% Fibonacci retracement level of 0.7045. Thus, it’s more likely to rise till the 50.0% Fibonacci retracement level of 0.7100, but the pair may stop rising earlier –near 0.7090, where also the 100- and 200- day moving averages lie. Support levels are 0.7045 and 0.7000.

NZDUSDDaily.png

EUR/USD is attacking the 23.6% Fibonacci retracement level of 1.1870. The upper resistance line may become an obstacle for the pair, that’s why we might expect a reverse down. If it happens, it may fall to the recent low of 1.1860 and then even to the 200-period moving average of 1.1850.

EURUSDH4.png

S&P 500 (US500) is likely to reverse down from the upper line of Bollinger Bands at 4430 as the pair has failed to cross this resistance level several times already. If it reverses down, it may fall to the midline of Bollinger Bands which coincides with the 50-period moving average of 4405. The pair is likely to stop falling at this level.

US500H4.png

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