Must watch this Break out for trade

FX_IDC:NZDUSD   New Zealand Dollar / U.S. Dollar
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.
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