NZD/USD is currently in impulsive bearish pressure with a volatile trend. This week NZD has not had any high-impact event except for ANZ Commodity Prices which was published at 0.4%, previously which was at 2.0%. Today is a big day for USD currency pairs, as Non-Farm Employment Change is going to be published today. It is expected that Non-Farm Employment change is expected to be at 174k which previously was at 235k. Along with it, Unemployment rate is going to be published today which is expected to be unchanged at 4.7% and Average Hourly Earnings report is also expected to be unchanged at 0.2% as well. Today it is going to be a very volatile day for all USD pairs and NZD/USD is expected to show quite good amount of volatility as well.
Now let us look at the technical view, the pair has been very volatile and 20 EMA has been working as a dynamic resistance recently. As of most volatile economic events that are going to be published today, a good amount of volatility is expected in this pair but as of the price structure forming before the news it is expected that the price will head towards the support of 0.6890 by the daily close today. For the coming days, if the price breaks below the support 0.6890 with a daily close then we will be looking forward for more downward moves or else any bounce off the support will push the bulls in again.
