NZDUSD back above the end of February lows

The NZDUSD NZD/USD Understanding NZD/USD: A Comprehensive GuideThe NZD/USD is a commonly offered currency pair representing the New Zealand dollar or Kiwi and US dollar. The pair is popular for exposure to a commodity currency, i.e. the NZD, which helps capture the risk appetite of forex traders. Like its Antipodean counterpart, the Australian Dollar, the NZD/USD is seen as a carry trade, due in part to interest rate differentials which favor the NZD. The NZD is the world’s seventh most liquid pair at the time of Understanding NZD/USD: A Comprehensive GuideThe NZD/USD is a commonly offered currency pair representing the New Zealand dollar or Kiwi and US dollar. The pair is popular for exposure to a commodity currency, i.e. the NZD, which helps capture the risk appetite of forex traders. Like its Antipodean counterpart, the Australian Dollar, the NZD/USD is seen as a carry trade, due in part to interest rate differentials which favor the NZD. The NZD is the world’s seventh most liquid pair at the time of Read this Term bottomed yesterday at 0.60832. That was near the high of the swing area target on the daily chart (see post yesterday).

Today, the pair moved higher in the Asian session, first moving up to test the swing lows from late February near 0.61299.

After holding that level and the rotating modestly lower, buyers reentered and have been able to extend to the upside. The move to the upside has been helped by the weaker than expected initial jobless claims Jobless Claims Jobless claims are a weekly statistic reported in the United States that represents a key barometer for domestic employment. As one of the most closely watched US indicators, jobless claims carry a lot of weight in financial markets, namely forex and the stock market.Jobless claims are reported on a weekly basis by the Department of Labor. While painting a picture of the overall health of the economy, jobless claims can be broken down into two types.This includes initial jobless claims or person Jobless claims are a weekly statistic reported in the United States that represents a key barometer for domestic employment. As one of the most closely watched US indicators, jobless claims carry a lot of weight in financial markets, namely forex and the stock market.Jobless claims are reported on a weekly basis by the Department of Labor. While painting a picture of the overall health of the economy, jobless claims can be broken down into two types.This includes initial jobless claims or person Read this Term data today.

The high price reached 0.6150 so far. That is still short of the targets above defined by the 38.2% retracement of the move down from the March 1 high and 0.6156, and the falling 100 hour moving average at 0.6158.

The 200 day moving average is also in play at 0.6168. The price fell below the 200 day moving average on Tuesday helped by the comments from Fed's Powell.

Going forward, traders will behind the 0.61299 level as close intraday support. Moving back below that level - and staying below – would not be a positive from a short term technical perspective.

On the top side getting above the aforementioned moving averages are the obvious targets if the dollar sellers are to assume more control in the NZDUSD pair.