NZD/USD: Here’s Why the New Zealand Dollar Jumped Today

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.

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NZDUSD technical chart


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