NZD/USD plunges below 0.6400 and approaches 0.6300, spurred by upbeat US data – by christianborjon NZDUSD Majors Macroeconomics Technical Analysis
Elsewhere, the Federal Reserve Chair Jerome Powell, in last week’s speech saying that moderating interest rate hikes could happen as soon as December, plunged the USD. Nevertheless, last Friday’s US Nonfarm Payrolls report cemented the case for additional action by the Federal Reserve. The US economy added 263K new jobs to the economy, beating the consensus of 200K, while the Average Hourly Earnings jumped by 5.1% YoY, above 4.9% forecasts.
The NZD/USD key support levels lie at 0.6300, followed by the 200-day EMA at 0.6234 and the 0.6200 figure. On the flip side, the NZD/USD first resistance would be the 0.6400 mark, followed by 0.6442, ahead of the 0.6300 psychological level. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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