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Forex Market: NZD/USD daily forecast

During yesterday’s trading session NZD/USD traded within the range of 0.8402-0.8442 and closed at 0.8424.

At 9:22 GMT today NZD/USD was adding 0.23% for the day to trade at 0.8440. The pair touched a daily high at 0.8451 at 4:20 GMT, breaching the first key resistance.

Fundamental view

The initial jobless claims in the US probably rose to 313 000 in the week ended May 31st, from 300 000 a week ago, according to the median estimate by experts.

The indicator measures the number of applications for unemployment benefits that are recorded each week in a report prepared by the Bureau of Labor Statistics in the United States. Initial application or (Initial Claim) means a completed document from an unemployed person before the local government, which is considered a claim for compensation or the possibility of compensation. The completion of the initial claim marks the beginning of a period in which the applicant receives unemployment benefits. The survey covers the number of applications registered in the previous week and is an important indicator concerning the health of the US labor market.

The statistical arm of the US Department of Labor will release an official report at 12:30 GMT today. If jobless claims rose less than expected, this will provide support for the US dollar.

Technical view

Screenshot from 2014-06-05 12:27:32

According to Binary Tribune’s daily analysis, in case NZD/USD manages to breach the first resistance level at 0.8443, it will probably continue up to test 0.8463. In case the second key resistance is broken, the pair will probably attempt to advance to 0.8483.

If NZD/USD manages to breach the first key support at 0.8403, it will probably continue to slide and test 0.8383. With this second key support broken, the movement to the downside will probably continue to 0.8363.

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