FxWirePro: NZD/USD spikes higher, stellar New Zealand jobs data seals RBNZ rate hike this year
NZD/USD chart - Trading View
NZD/USD was trading 0.45% higher on the day at 0.7047, extending previous session's 0.71% surge.
A blowout New Zealand jobs data for the second quarter confirmed an RBNZ rate hike later this year, buoying the kiwi.
New Zealand’s jobless rate dropped sharply to 4% in Q2, coming in much better that the 4.5% expected and compared to 4.7% prior.
The major has shown a decisive break above 21-EMA and has tested 110-EMA and daily cloud resistance at 0.7066.
Bullish RSI divergence could drive further gains, but, Death cross could likely limit upside in the pair.
Focus now turns towards the US ADP and ISM Services PMI report for fresh trading impetus.
Break above 110-EMA and into daily cloud will see next major resistance at 200-DMA at 0.7093.