Daily Price Action

NZDUSD: Keep an Eye on This Ahead of New Zealand Employment Figures


I’ll keep things brief because, well, the chart below says it all. NZDUSD has enjoyed a breather since the pair found a bid last month at 0.6345. Nonetheless, the pressure remains tilted to the downside.

After only being able to recapture 210 of the 530 pips lost since the December 2015 high, the pair looks ready to continue lower. A look at the 4-hour chart gives us a good idea as to where the next opportunity may present itself.

That said, keep in mind that New Zealand reports its employment figures just before today’s close (4:45pm EST). As such, this is not a pattern to be traded before that time, but rather a technical pattern to keep an eye on should the employment figures disappoint.

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NZDUSD wedge on the 4-hour chart

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