After New Zealand Jobs Data Comes Out, This Happens to NZD/USD!

<p>&nbsp;The New Zealand dollar continued its downward trend in the Asian session today as the market reacted to the New Zealand jobs data report that was published a while ago.</p><p><br /></p><p>Looking at the report, employment growth calculated on a quarterly basis for the second quarter of 2023 showed positive growth at 1.0% compared to a lower forecast of 0.6%.</p><p><br /></p><p>However, it became a pressure for trading the Kiwi currency when the unemployment rate recorded a declining reading. The latest rate increased to 3.6% from the previous 3.4%.</p><p><br /></p><p>The New Zealand dollar suffered losses leading up to the opening of the European session this afternoon following expectations that monetary policy is moving away from a tightening phase after the central bank kept interest rates on hold at the latest policy meeting.</p><p><br /></p><p>The price chart of the NZD/USD currency pair today has seen a drop in price to its latest 5-week low which fell to touch the 0.61000 level.</p><p><br /></p><p>If the movement from the beginning of the week is scanned, the price showed an increasing pattern on trading last Monday, but changed to decrease on Tuesday yesterday.</p><p><br /></p><p>Investors start preparing for a bearish signal when the price has moved below the Moving Average 50 (MA50) level on the 1-hour time frame on the NZD/USD chart.</p><p><br /></p><p><br /></p><p>The decline is expected to continue in the following sessions with the 0.60600 level trying to be crossed before the target will move to a lower level.</p><p><br /></p><p>The focus on the downward movement of the price which is still successfully continued is seen to be around 0.60000 which is the support zone tested at the end of May.</p><p><br /></p><p>However, if the price suddenly shows a rebound, investors can aim for a price increase reaching around 0.62000 in addition to signaling a change in price direction.</p><p><br /></p><p>The continued rise will focus on some important previous levels such as at 0.63000 or 0.63500.</p>