NZ employment will be reported in the new day. What levels are in play

Technical Analysis

The NZDUSD did not do a lot in July

IN the new trading day, New Zealand will release the employment statistics for the 2Q.

Below are the expectations for those numbers:

For the NZDUSD, the price action is ending the month with lots of up and downs. Since June 27th, the high has reached to 0.6858. The low extended to 0.6686. That is not a lot of movement.  We currently trade nearer the highs at 0.6820.  A move outside that range will be eyed by traders for clues to the next move in the pair.

Drilling to the hourly chart, the pair is trading above the 100 and 200 hour MAs at 0.6807 and 0.6787 respectively.  A move below that level on weaker numbers  would target a lower trend line at 0.6782. That is also near the 50% of the move up from the July 19 low (at 067814).  Move below those areas is more bearish.

On the topside, the 0.6840-42 is just below the 0.6850 high from July 26. Above that (not far away) is the 0.68586 high from earlier in the month.  That whole area (from 0.6840-58) will be key for a more bullish run in the pair. 

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