Must watch this Break out for trade
Technical View: NZD/USD
As you might imagine, the near-term technical considerations on NZD/USD will likely be dwarfed by Tuesday’s major fundamental data, but it’s still worth highlighting some of the key support and resistance levels to monitor.
On a disappointing jobs report, the most important zone to watch will be around .6600, which represents the convergence of the 100-day MA and bottom of the near-term bearish channel. A break below that level could open the door for a deeper retracement toward the .6400-.6500 range, especially if NFP comes out solid on Friday. On the other hand, a strong NZ jobs report could take the pair through the topside of the near-term bearish channel to expose the 200-day MA and 50% Fibonacci retracement at .7000 next. Either way, NZD/USD traders are optimistic that we’ll see volatility return to the pair this week.
As you might imagine, the near-term technical considerations on NZD/USD will likely be dwarfed by Tuesday’s major fundamental data, but it’s still worth highlighting some of the key support and resistance levels to monitor.
On a disappointing jobs report, the most important zone to watch will be around .6600, which represents the convergence of the 100-day MA and bottom of the near-term bearish channel. A break below that level could open the door for a deeper retracement toward the .6400-.6500 range, especially if NFP comes out solid on Friday. On the other hand, a strong NZ jobs report could take the pair through the topside of the near-term bearish channel to expose the 200-day MA and 50% Fibonacci retracement at .7000 next. Either way, NZD/USD traders are optimistic that we’ll see volatility return to the pair this week.