Bottom line:  NZDUSD medium term bullish structure remains intact until prices stay above 0.5470 lows. Intermediary corrective drops should be well support around 0.5700/5800.

Fundamental Outlook:

AUDUSD job data sprung a surprise after Unemployment Rate decreased to 5.2%. Over 5K jobs were added in March against the expected drop of over 30K jobs lost. This is failed to support AUDUSD rally as it trades around 0.6280 at this moment in writing. However the slide may be short lived and a turnaround should be close.

Oil prices continue to slide lower as WTI Crude dropped below $19.25 though marginally. Despite the production cut agreed by the OPEC members and a truce between Russia and Saudi Arabia, the slide continues.

With a decline in new cases and deaths caused due to COVID-19 pandemic, most countries plan to open their economies. France and Italy decides to prolong their lock downs until early May 2020.

Today’s events:

Bank of England Liabilities/Credits Survey @ 04:30 AM EST

Initial US Jobless Claims @ 08:30 AM EST

Technical Analysis:

NZDUSD bulls might be pulling back after printing highs at 0.6130 on April 14, 2020. It is trading close to 0.5950 mark and should be looking poised to resume its rally towards 0.6760 levels. The overall bullish structure is expected to remain intact until NZDUSD holds above 0.5470 mark.

NZDUSD is trading around fibonacci 0.618 retracement of the recent rally between 0.5840 and 0.6130 levels respectively. A bullish reversal here would resume higher towards 0.6450, which is immediate price resistance. Alternately, a drop lower should see support coming in around the 0.5800 mark.

Most traders might be willing to initiate fresh long positions between 0.5800/0.5900, with a protective stop at 0.5470 and projected targets above 0.6760 levels respectively. NZDUSD might be a good candidate to be bought on dips until 0.5470 holds.

Prepared by

Harsh Japee, Technical Analyst.

NZDUSD Chart

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！

免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。