Bottom line: NZDUSD medium term bullish structure remains intact until prices stay above 0.5470 lows. Intermediary corrective drops should be well support around 0.5700/5800.
Fundamental Outlook:
AUDUSD job data sprung a surprise after Unemployment Rate decreased to 5.2%. Over 5K jobs were added in March against the expected drop of over 30K jobs lost. This is failed to support AUDUSD rally as it trades around 0.6280 at this moment in writing. However the slide may be short lived and a turnaround should be close.
Oil prices continue to slide lower as WTI Crude dropped below $19.25 though marginally. Despite the production cut agreed by the OPEC members and a truce between Russia and Saudi Arabia, the slide continues.
With a decline in new cases and deaths caused due to COVID-19 pandemic, most countries plan to open their economies. France and Italy decides to prolong their lock downs until early May 2020.
Today’s events:
Bank of England Liabilities/Credits Survey @ 04:30 AM EST
Initial US Jobless Claims @ 08:30 AM EST
Technical Analysis:
NZDUSD bulls might be pulling back after printing highs at 0.6130 on April 14, 2020. It is trading close to 0.5950 mark and should be looking poised to resume its rally towards 0.6760 levels. The overall bullish structure is expected to remain intact until NZDUSD holds above 0.5470 mark.
NZDUSD is trading around fibonacci 0.618 retracement of the recent rally between 0.5840 and 0.6130 levels respectively. A bullish reversal here would resume higher towards 0.6450, which is immediate price resistance. Alternately, a drop lower should see support coming in around the 0.5800 mark.
Most traders might be willing to initiate fresh long positions between 0.5800/0.5900, with a protective stop at 0.5470 and projected targets above 0.6760 levels respectively. NZDUSD might be a good candidate to be bought on dips until 0.5470 holds.
Prepared by
Harsh Japee, Technical Analyst.
NZDUSD Chart
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