What else can save dollar? US Jobless data worse than forecast

Data events today to produce ruckus in dollar:

Manufacturing PMI: Current forecasts remains at 54.6 while this was decreased to 54.10 in April of 2015 from 55.70 in March of 2015. 

Jobless claims MoM: Dollar has been crawling on the back of flurry of disappointing set of economic outcomes. Now, unemployment rates MoM was lined to produce ray of hopes today. But the advance number for initial jobless claims during the week ending May 16th, 2015 was 274K against the forecast at 271K an increase of 10,000 from the previous week's level of 264K. 

Glance on Technicals: (NZDUSD)

When we plotted daily charts it is spotted out the inverted hammer pattern candle. We expect early gains on this pair as an inverted hammer candlestick pattern is bullish sign on falling swings. This is in conformity with the slow stochastic evidencing %K line crossover is about to occur below 20 levels which is an oversold situation.

Option basket: Better use BCS (NZDUSD) than naked calls for reducing cost of hedging. 

We are somehow able to perceive an early signs of trend reversal on this pair.

We recommend risky speculators who follow active strategy to buy Bull Call Spreads.

Buying a call option and selling another call with a higher strike price with the same expiration date for a net premium payable builds this strategy.

This is worth using a Bull Call Spread over a long call when the cost of the long call is too high and the underlying currency is expected to move higher.

Credit from short call reduces the cost of long call.

The chart explains this strategy on NZDUSD pair with different payoffs at different exchange rate intervals.