Kiwi Remains Volatile Ahead of Quarterly Employment Change Results, 40+ PIP Movement Likely; Feb 02, 2021

New Zealand Employment Change q/q

New Zealand has scheduled to release job data due tomorrow (Feb 03) at 2145 GMT/0315 IST. Job data includes Employment Change as well as Unemployment Rate data. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. Although unemployment rate is generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor – market conditions.

Let’s see how NZD has reacted during the previous data release:

Nov 04:

Aug 05:

Technical View:

NZD/USD: Kiwi reverses early Asian hours gain against U.S. dollar and currently finding support around $0.7160 mark. The pair made intraday high at $0.7193 and low at $0.7148 mark. A sustained close below $0.7105 requires for the downside rally. Alternatively, reversal from key support will drag the parity up above $0.72 mark.

Key Resistances: $0.7196, $0.7220, $0.7246, $0.7287

Key Supports: $0.7148, $0.7105, $0.7076, $0.7036

Take a look and do trade wisely!
Good Luck

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