NZD/USD Outlook (05 August 2020)

New Zealand Dollar/U.S. DollarFXCM

Description

⋅ Aug 5, 2020 2:48 AM

Overall, NZD/USD is ranging across. Recently, NZD/USD moved higher after bouncing up from the key level of 0.66.

The New Zealand employment data released earlier today indicated a slight job loss during the second quarter of 2020 while unemployment rate fell slightly.

Employment Change q/q (Actual: -0.4%, Forecast: -2.0%, Previous: 1.0% revised from 0.7%)
Unemployment Rate (Actual: 4.0%, Forecast: 5.5%, Previous: 4.2%)

The New Zealand Inflation Expectation q/q data (Forecast: NA, Previous: 1.24%) will be released tomorrow at 1100 (SGT).

NZD/USD’s next support zone is at 0.65800 and the next resistance zone is at 0.67000.
Look for short-term buying opportunities of NZD/USD up until the release of the New Zealand inflation expectation data tomorrow at 1100 (SGT).