The NZD/USD bounced back today after the New Zealand Statistics Bureau published relatively robust employment numbers. The NZDUSD is trading at 0.7218, which is slightly above yesterday’s low of 0.7133.
NZD/USD news: The New Zealand dollar is rising today after the statistics agency delivered the fourth-quarter employment numbers. In total, the unemployment rate dropped from 5.3% in the third quarter to 4.9% in the fourth quarter.
The participation rate also increased to 70.2% while the labour cost index increased from 0.4% to 0.5%. On an annualised basis, the labour cost rose by 1.5% while the employment change increased by 0.6%.
NZD/USD technical outlook
On the four-hour chart, we see that the NZD/USD price has bounced back in the past few hours. It is trading at 0.7218, which is slightly above the 25-day weighted moving average and the Ichimoku cloud.
There is a possibility that the price will bounce back to the next key resistance level at 0.7247, which is the highest point on December 26. However, a drop below 0.7150 will invalidate this trend because it will signal that there are still more sellers in the market. If this happens, the price could drop back to 0.7100.
NZDUSD technical chart