NZD/USD got some strengh after the quarterly Employment Change was surprisingly good in New Zealand. NZD/USD now trades at 0.5080, making a quick leap. Employment in New Zealand is comparably in a good shape. This rate is far from being the worst in the world, and still causes envy sights from other Western nations. And as expectations were somewhat lower than this figure, the kiwi is going up. Since breaking the support line of 0.5150, the Kiwi fell as deep as 0.4962 and the corrected itself and tested the resistance line of…well yes, 0.5150. The kiwi tested this line 3 (!) times, and was throw backwards. After this employment data, this resistance line seems very firm, despite the leap seen here: It all began last week, when the RBNZ lowered interest rates by a dramatic 1.5% to 3.5%, being temporarily lower than the Australian interest rate. At that time, the Kiwi was on the edge. The break began on Friday, after the release of the Building Consents and the remarks by RBNZ Governor Bollard. The move downward continued on Sunday, in the wake of the forex trading week, with the release of the Labor Cost Index that was disappointing. It’s fascinating to see how the kiwi plays by the book, and “respects” support / resistance lines. This “good” technical behavior makes this currency pair quite favorable in the currency pairs available for forex traders. Will NZD/USD break the resistance line? I don’t think so. The data isn’t strong enough, and the resistance line is very strong. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Forex Daily Analysis – February 5th 2009 Yohay Elam 13 years NZD/USD got some strengh after the quarterly Employment Change was surprisingly good in New Zealand. NZD/USD now trades at 0.5080, making a quick leap. Employment in New Zealand is comparably in a good shape. This rate is far from being the worst in the world, and still causes envy sights from other Western nations. And as expectations were somewhat lower than this figure, the kiwi is going up. Since breaking the support line of 0.5150, the Kiwi fell as deep as 0.4962 and the corrected itself and tested the resistance line of...well yes, 0.5150. The kiwi tested this line 3… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
