NZD/USD bulls back at the table on impressive NZ jobs

NZD/USD keeps with the bid and has rallied on the 0.73 handle to score 0.7323 highs so far after impressive jobs data.

NZ Q2 employment change came in at a whopping 2.4% q/q vs 0.6% expected with a drop of 0.2% in the unemployment number and a higher participation rate of 69.7% vs 68.8%. this coupled with New Zealand GDT price index at 12.7% vs 6.6% prior, the bird is attracting good demand in a weaker DXY environment on dovish Fed expectations for the year.

NZD/USD technicals

On the hourly NZD/USD chart, ATR (14) is presently at 19 pips, while 2-Standard Deviation Volatility Bandwidth is shrinking and currently 87 pips. On a daily chart, 2-Standard Deviation Volatility Bandwidth is shrinking at 321 pips. Over the past four weeks, 19 pips has been the average movement for the current session. Following the four week period average, today’s most volatile hour was between 4:00-5:00 GMT which has an average movement of 28 pips.

What price levels and patterns have to be considered?

With spot trading at 0.7298, we can see next resistance ahead at 0.7302 (Daily Classic R3), 0.7306 (Yesterday's High), 0.7307 (Annual High), 0.7307 (YTD High) and 0.7324 (Daily High). Support below can be found at 0.7281 (Monthly High), 0.7281 (Weekly High), 0.7281 (Daily Open), 0.7276 (Daily Low) and 0.7265 (Daily Classic R2).