During yesterday’s trading session EUR/NZD traded within the range of 1.6047-1.6128 and closed at 1.6075.
At 7:52 GMT today EUR/NZD was losing 0.14% for the day to trade at 1.6042. The pair touched a daily low at 1.6034 at 7:45 GMT, breaching the first support level of 1.6039.
Fundamental view
The final manufacturing Purchasing Managers’ Index (PMI) in the Euro zone will probably remain unchanged at 53.3 in April, matching the preliminary reading estimated in March, according to the median forecast by experts. The index is based on a monthly survey, which includes carefully selected companies that are representative of the state of the private sector in the economy and track the changes in production, new orders, market share, employment and prices in the manufacturing sector.
The PMI is the first economic indicator for each month, providing information on the changing economic conditions, significantly earlier than the official state statistics. It is presented as a scale from 1 to 100. Readings above 50 are connected with a positive outlook for economic growth. Conversely, values below 50 indicate a less optimistic forecast. This is a preliminary value of the indicator.
The research group Markit Economics will release the official figures at 8:00 GMT.
In addition, the jobless rate in the Euro zone as a whole probably remained steady at 11.9% in March. The official rate is due to be released at 9:00 GMT by Eurostat. Lower than expected unemployment would be supportive for the 18-nation common currency.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/NZD manages to breach the first resistance level at 1.6120, it will probably continue up to test 1.6164. In case the second key resistance is broken, the pair will probably attempt to advance to 1.6201.
If EUR/NZD manages to breach the first key support at 1.6039, it will probably continue to slide and test 1.6002. With this second key support broken, the movement to the downside will probably continue to 1.5958.
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