May. 7, 2021
After opening at 0.7235, NZD/USD reached 0.73, breaking a 2 month record. Later, it lost 22 pips and is now trading at 0.7277. (Start trading New-Zealand Dollar at FXTM today).
The uptick comes while some more positive signs for the New-Zealand Dollar are out as United States Non Farm Payrolls fell short of the 978,000 projections, at 266,000 and continued its downward trajectory from the previous figure of 770,000. The United States Unemployment Rate fell short of the 5.8 projections, at 6.1 and continued its downward trajectory from the previous figure of six.
Nevertheless, data for United States Initial Jobless Claims released yesterday at 12:30 PM came out at 498,000, beating projections of 540,000 and showing improvement over the preceding figure of 590,000.
As the day reaches an end, a chart visual study suggests the Kiwi is flirting with the 0.7261 immediate resistance line. In terms of trend indicators, we can see that the CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level, it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. Asset volatility analysis shows that a slight indication of a slowdown comes from looking at the Bollinger bands: the upper band is at 0.728 – a high enough level to usually suggest the Kiwi is trading above its value.
Overall, the technical analysis suggests the New-Zealand Dollar is neutral for the immediate future, with no clear-cut direction.
The New-Zealand Dollar shows positive signs, other assets are also on par: a new all-time high for the S&P 500 as it reaches 4,236. The Euro is up by 102 pips(0.85%), making it its largest single-day gain since December 2020.
At the same time, Singapore dollar dropped by 0.61%, its largest single-day drop since May 2020. EUR/CAD hits a 1 year low, as it drops to 1.4649