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The 0.5850 Support Holds Again for USD to NZD

The USD to NZD rate has been trading in a 1-cent range between 0.59 and 0.60 in recent days, except for a dramatic collapse on Monday mornin

Skerdian Meta•Wednesday, August 7, 2024•2 min read
UK unemployment rate fell to 4.4%

The USD to NZD rate has been trading within a one-cent range between 0.59 and 0.60 in recent days, except for a dramatic collapse on Monday morning when markets experienced a meltdown. This currency pair has been in a downtrend since the second week of June, but the support zone around 0.5850 has held twice in the last two weeks. Yesterday, the price gained some upward momentum before closing the day below 0.60 again.

New Zealand Employment Report for June

On Monday, the NZD/USD fell sharply in response to the Asian stock market turmoil, approaching a new yearly low of 0.5849, which was just three pips below April’s low, before rebounding. The rally continued toward its falling 20-bar moving average on the daily chart, which has caused concern among investors. However the stochastic indicator shows that this pair is overbought on the daily chart, which is a signal for a bearish reversal.

NZD/USD Chart Daily – The Support at 0.5850 Held AgainChart NZDUSD, D1, 2024.08.06 19:10 UTC, MetaQuotes Ltd., MetaTrader 5, Demo

Last night we had the Global Dairy Trade Auction which was positive, showing another increase, but traders were waiting for the employment report from New Zealand, which was expected to show a 4 point jump in the Unemployment Rate, from 4.3% to 4.7%.

New Zealand Global Dairy Trade Auction Results

The latest auction results for New Zealand dairy are as follows:

  • GDT Price Index: +0.5% (up from the prior +0.4%)
  • Whole Milk Powder: +2.4%

New Zealand Employment Report for June

  • New Zealand Q2 unemployment rate 4.6% vs. 4.7% expected
  • Q1 unemployment rate was 4.3%
  • Q2 Participation rate 71.7% vs 71.3% expected
  • previous participation rate was 71.55
  • Labour cost index Q2 0.9% vs 0.8% expected
  • Labour cost index Q1 was 0.8%

New Zealand’s employment report for June shows a Q2 unemployment rate of 4.6%, slightly better than the expected 4.7%, though up from Q1’s rate of 4.3%. The participation rate in Q2 increased to 71.7%, exceeding expectations of 71.3% and up from the previous rate of 71.55%. Additionally, the labour cost index rose by 0.9% in Q2, higher than the anticipated 0.8%, and up from Q1’s increase of 0.8%.

NZD/USD Live Rate

NZD/USD
ABOUT THE AUTHOR See More
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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