<\/p>\n
The NZD\/USD pair trades close to a nine-day low slightly below the round-level resistance of 0.5900 in Wednesday\u2019s European session. The Kiwi asset recovers early losses in the aftermath of New Zealand Q1 Employment data.<\/p>\n
The NZ labor market data showed that quarterly and annual Labor Cost Index grew in line with the consensus of 0.8% and 3.8%, respectively. This will deepen fears of NZ interest rates remaining higher for a longer period as high wage growth fuels inflationary pressures.<\/p>\n
The labor demand was weaker than expected as Employment Change fell by 0.2% while investors forecasted the labor market to grow by 0.3%. The Unemployment Rate<\/a> rose to 4.3% from the estimates of 4.2% and the prior reading of 4.0%.<\/p>\n Going forward, the Kiwi asset will dance to the tunes of the Federal Reserve\u2019s (Fed) interest rate decision, which will be announced at 18:00 GMT. The Fed is expected to hold interest rates steady in the range of 5.25%-5.50% with a hawkish guidance as inflation has remained higher-than-expected in the first quarter this year. This has strengthened the US Dollar\u2019s appeal. The US Dollar Index<\/a> (DXY), which tracks the Greenback\u2019s value against six major currencies, rose to 106.35.<\/p>\n NZD\/USD trades in a downward-sloping channel on a four-hour timeframe. This a bearish pattern in which each pullback move is considered as a selling opportunity by the market participants. The near-term appeal is bearish as the asset is trading below the 20-period Exponential Moving Average (EMA), which trades around 0.5924.<\/p>\n The 14-period Relative Strength Index (RSI) oscillates in the bearish range of 20.00-40.00, suggesting that momentum has leaned towards bears.<\/p>\n Fresh downside would appear if the asset breaks below April 16 low at 0.5860. This would drag the asset toward 8 September 2023 low at 0.5847, followed by the round-level support of 0.5900.<\/p>\n On the contrary, an upside above the psychological resistance of 0.6000 will drive the asset towards April 4 high around 0.6050 and the round-level resistance of 0.6100.<\/p>\n \u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" NZD\/USD recovers intraday losses but uncertainty remains with eyes on Fed\u2019s policy announcement. The Fed may emphasize maintaining interest rates higher for a longer period. NZ Q1 wage growth rose expectedly while labor demand weakens. The NZD\/USD pair trades close to a nine-day low slightly below the round-level resistance of 0.5900 in Wednesday\u2019s European session. […]<\/p>\n","protected":false},"author":2,"featured_media":6165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,497,366,255,250,715,252,247,253,714,249,524,256,254],"class_list":["post-293510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-employment","tag-fed","tag-gta","tag-looks-rare","tag-nzdusd","tag-oracle","tag-polygon","tag-quickswap","tag-rbnz","tag-safe-moon","tag-supportresistance","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=293510"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293510\/revisions"}],"predecessor-version":[{"id":293511,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293510\/revisions\/293511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/6165"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=293510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=293510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=293510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}NZD\/USD four-hour chart<\/h2>\n
<\/a><\/h2>\n