NZDUSD → Resistance retest before NFP. What could it mean?

3 Nov 2023

NZDUSD is forming a local rally on negative news for the dollar. The unemployment rate shows bad indicators. Most likely on NFP the price of the currency pair will continue its growth, let's understand why!


Img: Expected news and resistance breakout before important events

It is worth noting that the Initial Jobless claims give a strong indication of what the NFP data might be. We get bad data on Thursday. And analysts are expecting NFP to worsen by half! DXY consolidation in the narrow 107-105.5 range may end up breaking support, which will affect forex and XAUUSD accordingly.
Last night NZD breaks local resistance and tests 0.5915. After the pullback a retest is formed, which tells us that the market is ready to break this area. Yes, based on the situation we have a high chance to see an active strengthening of the currency pair in the direction of 0.6000.

Support levels: 0.5878, 0.5859
Resistance levels: 0.5915

There is a high chance of negative news in the US market, in this case NZD will start a bullish rally on the background of a possible fall in the dollar index. Follow the news!

Regards R. Linda!

3 Nov 2023

Dagangan aktif

This is bad news for the dollar!

US - Non-Farm Payrolls (Oct) = 150k (expected 180k / previously 336k).

US - Unemployment (Oct) = 3.9% (expected 3.8% / earlier 3.8%)
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NZDUSD is moving according to the scenario :)