Chart - Courtesy Trading View
Spot Analysis:
NZD/USD was trading 0.08% lower on the day at 0.6420 at around 05:35 GMT
Previous Week's High/ Low: 0.6645/ 0.6451
Previous Session's High/ Low: 0.6568/ 0.6393
Fundamental Overview:
The pair remains rangebound ahead of US employment data.
A preliminary estimate for the US NFP is 391k against the past print of 431k.
Higher-than-expected job additions in the US labor force will strengthen the USD dollar and drag the pair lower.
Technical Analysis:
- NZD/USD has formed a 'Bearish Engulfing' pattern on the previous session's candle
- GMMA indicator shows major and minor trend are strongly bearish
- Volatility is high and rising and momentum is bearish
- MACD and ADX support downside, Chikou span is biased lower
Major Support and Resistance Levels:
Support - 0.6330 (Lower BB), Resistance - 0.6452 (5-DMA)
Summary: NZD/USD is set to resume downside. Watch out for US NFP data for further impetus.
