NZDUSD - Short term projection after the sharp rebound from good data (2 Nov 2017)

NEW YORK (Reuters) - New Zealand's third-quarter employment data showed that the unemployment rate fell to an eight-year low, with employment growth of 2.2% in the third quarter, New Zealand dollar rose against the dollar for 0.8%, the European market in early exchange rate. 0.6925 hit a new intraday but traders said the market has held a large number of short positions.


With the assist of New Zealand's good employment data last week, there is a short-term rapid rebound in the NZDUSD pair a, short-term target is expected to test 0.70s level.

The price is currently testing 0.6923 (0.85 fibo), if the price continue rising, next trading range and resistance level are expected to be:

i. 0.6973 (0.786 fibo)
ii. 0.7026 (0.716 fibo)


Although there is a double bottom formation, but the long term view on this pair is still bearish. Traders should not rule out the risk of falling again.

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