Employment for 3Q to be released
New Zealand will release employment statistics for the 3Q in the new trading day. For a review of the report, see Eamonn's post HERE.
Technically, the pair pushed the lows from May (low for the year and the lowest level going back to June 2016). The low in May bottomed at 0.6817. The low this month reached 0.6817 too. The pair is trading at 0.6842. That level is also the 50% of the move up from the August 2015 low. If the number is weaker than expected, look for the double bottom to be broken at 0.6817 and selling to resume. That selling could ultimately see the pair moving down toward 0.66735 over time (61.8% of the move up from the August 2015 low).
On the topside, the 0.6889-93 were swing lows in March 2017. The low last Tuesday made it to 0.6885 and bounced. On Wednesday, the price close below that level and has closed below it since that time. The high this week stalled below that level at 0.6885. A move above should solicit more covering (on a stronger number). The broken trend line and the broken 38.2% retracement at 0.7011 area would be an upside target from the daily chart on a strong bullish move over time.
Drilling to the hourly chart, the 100 hour MA is at 0.6856. A move above that will establish the MA as support. Above that, the 200 hour MA is at 0.6903. With resistance on the daily chart at 0.68913, a move above both those levels opens up the upside for further momentum.
