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Forex Market: NZD/USD daily forecast

During yesterday’s trading session NZD/USD traded within the range of 0.8422-0.8512 and closed at 0.8484.

At 9:53 GMT today NZD/USD was adding 0.31% for the day to trade at 0.8526. The pair touched a daily high at 0.8539 at 8:55 GMT, breaching the first key resistance.

Fundamental view

Employers in all sectors of economy in the United States, excluding the farming industry, probably added 219 000 new jobs last month, according to the median forecast by experts, after a job gain of 288 000 in April. Aprils gain was the biggest since May 2010. Creation of jobs is considered of utmost importance for consumer spending, while the latter is a major driving force behind economic growth. In case of a larger than expected gain in jobs, the US currency would receive a boost.

In addition, the rate of unemployment in the United States probably increased to 6.4% last month from 6.3% in April, that was the weakest since September 2008. In case the rate meets expectations or even drops further, this would have a bullish effect on the greenback.

Both reports are due to be released at 12:30 GMT.

Technical view

Screenshot from 2014-06-06 12:55:34

According to Binary Tribune’s daily analysis, in case NZD/USD manages to breach the first resistance level at 0.8523, it will probably continue up to test 0.8563. In case the second key resistance is broken, the pair will probably attempt to advance to 0.8613.

If NZD/USD manages to breach the first key support at 0.8433, 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 0.8343.

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