NonFarmPayroll Prep (NZDUSD)
NFP analysis for the first Friday of the month! The expectation is for an increase of 295K with last month released at 528K (The previous month's forecast was 250K). And relatively unchanged in terms of the unemployment rate and average hourly earnings. If the data is released better than expected, the USD should strengthen.
The NZDUSD has a strong descending trend line that applies downward pressure on price. But, the NZDUSD currently trades just above the 0.6060 support level. If the price breaks lower, there is little support until the 0.5930 price level (which was last reached in may 2020).
Consider the possibility that the NZDUSD could find a significant upside move in the event of a surprise/bad data release from the US.
If the price breaks above 0.61 and the diagonal trendline, the NZDUSD could climb towards 0.6158 and even 0.6250.
The NZDUSD has a strong descending trend line that applies downward pressure on price. But, the NZDUSD currently trades just above the 0.6060 support level. If the price breaks lower, there is little support until the 0.5930 price level (which was last reached in may 2020).
Consider the possibility that the NZDUSD could find a significant upside move in the event of a surprise/bad data release from the US.
If the price breaks above 0.61 and the diagonal trendline, the NZDUSD could climb towards 0.6158 and even 0.6250.
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