The New Zealand Unemployment Rate for the first quarter was reported at 4.1%. Economists predicted an Unemployment Rate of 4.3%. Forex traders can compare this to the Unemployment Rate for the fourth quarter, which was reported at 4.0%. The Unemployment Change for the first quarter increased by 0.7%. Economists predicted a decrease of 0.3%. Forex traders can compare this to the Unemployment Change for the fourth quarter, which was reported flat at 0.0% quarterly. The Participation Rate for the first quarter was reported at 70.4%. Economists predicted a Participation Rate of 70.0%. Forex traders can compare this to the Participation Rate for the fourth, which was reported at 70.1%. The Labor Cost Index for the first increased by 0.3% quarterly and by 2.4% annualized. Economists predicted an increase of 0.4% and 2.5%. Forex traders can compare this to the Labor Cost Index for the fourth quarter, which increased by 0.6% quarterly and by 2.4% annualized.
Our Analysis:
Should price action for the AUD/NZD remain inside the or breakdown below the 1.0600 to 1.0670 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0625
- Take Profit Zone: 1.0330 – 1.0385
- Stop Loss Level: 1.0720
Alternative scenario:
Should price action for the AUD/NZD breakout above 1.0670 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0720
- Take Profit Zone: 1.0800 – 1.0865
- Stop Loss Level: 1.0670
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