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The NZD/USD pair closed in the negative territory on Tuesday but didn't have a difficult time reversing its direction. As of writing, the pair was up 0.76% on a daily basis at 0.7197.
Earlier in the day, the data from New Zealand showed that the Unemployment Rate declined to 4.7% in the first quarter. This reading came in better than the market expectation and the previous quarter's print of 4.9% and helped the kiwi outperform its rivals. Furthermore, the Participation Rate improved to 70.4% from 70.2%.
On the other hand, the improving market sentiment is weighing on the greenback on Wednesday and allowing NZD/USD to preserve its bullish momentum. At the moment, the S&P 500 Futures are up 0.4% on the day and the US Dollar Index (DXY) is posting modest daily losses at 91.23.
If the price continues today's positive momentum, the next resistance could come from the 0.7200 psychological round figure mark .Next barrier before jumping towards the ascending trendline breakout point . Above this crucial line, the high from April 2021 at 0.7280 could halt the bullish rally.
On the filp side , the development of MACD indicator (bearish divergence ) hints at swelling downside momentum.If price fails to break above 0.7200 round figure mark , we will see decline towards next support at 0.7110.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
