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4 May 2016
NZD/USD slightly bid on best Q1 jobs since 2004
NZD/USD is mixed on a mixed jobs data release, with an initial offer, but now securing a bid on pre-announcement levels.
The unemployment rate increased to 5.7% vs 5.5% expected while average hourly earnings were lower than expected. The participation was an improvement at 69% vs the expected 68.6% while prior was 68.4%, and the employment change 1.2% q/q beat the expected +0.6% and prior at +0.9% while the employment change was 2.0% y/y and better than the expected +1.3%, all of which offering support to the bird. However, as noted here, this employment for Q1 2016 is the largest quarterly growth since Dec 2004.
NZD/USD levels
NZD/USD has been losing steam in the rising channel commencing mid January of this year. To the downside, the 20 dma resides at 0.6906 as a key supporting and psychological level that if broken, (low 0.6892 so far) would put the rising support line in to jeopardy, guarding 0.6720. On a break of the 2016 highs, the next major target comes on the weekly sticks with Jan 2015 lows of 0.7176 ahead of the 100 weekly sma at 0.7285.
The unemployment rate increased to 5.7% vs 5.5% expected while average hourly earnings were lower than expected. The participation was an improvement at 69% vs the expected 68.6% while prior was 68.4%, and the employment change 1.2% q/q beat the expected +0.6% and prior at +0.9% while the employment change was 2.0% y/y and better than the expected +1.3%, all of which offering support to the bird. However, as noted here, this employment for Q1 2016 is the largest quarterly growth since Dec 2004.
NZD/USD levels
NZD/USD has been losing steam in the rising channel commencing mid January of this year. To the downside, the 20 dma resides at 0.6906 as a key supporting and psychological level that if broken, (low 0.6892 so far) would put the rising support line in to jeopardy, guarding 0.6720. On a break of the 2016 highs, the next major target comes on the weekly sticks with Jan 2015 lows of 0.7176 ahead of the 100 weekly sma at 0.7285.