The Kiwi Dollar put in an absolute shocker yesterday, with a jobs report that didn’t impress traders whatsoever.
Just like its Aussie counterpart, Thursday’s Asian session has led to another day of selling and there appears to be more room to go.
Risk/Reward Opportunity
The NZD/USD is currently trading right at a key support level around 0.73967.
This is a pretty big level on the charts because if it can break support and consolidate, there’s a lot of room to the downside.
The Kiwi can potentially run all the way down to 0.73349, with very little in the way of support to hold it back.
The good news for traders is that it's setting up for a really good risk/reward spot.
Overhead resistance is nearby at 0.74129 offering traders good odds on any move lower.
It’s important to remember that the USD will face a significant driver with NFP being released on Friday. For long term traders, make sure to keep that in mind.
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