NZD/USD : Unemployment rate reverses the trend
--- New analysis ---
Yesterday evening, the publication of the New Zeland unemployment rate led to a strong bearish gap of 60 pips on the pair NZD/USD. The jobless rate was expected at 6.7% and came up at 7.3%. On a technical point of view, a trend reversal has occured.
We now advise to trade only short positions as far as 0.8250 is resistance. This level matches with the level before the gap. A pullback on the resistance at 0.8221 could happen shortly before a take up of the bearish movement towards the support at 0.8134. Its breakout will give a new sell signal and will open the way towards 0.8088.
In case of return above 0.8250, we will be neutral between this level and 0.83.
Analysis published by Bruno, the 11/08/2012 at 09h15 GMT+2
Chart of the pair NZD/USD - Timeframe 4H
Chart of the pair NZD/USD - Timeframe 1H
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