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Saturday, 2 July 23:46 (GMT -05:00)



Foreign exchange market

Unemployment Data Weaken Kiwi


The New Zealand Dollar stays under the pressure of internal news. In particular, New Zealand has seen an increase in the rate of unemployment. In Q3 2012, the rate of unemployment reached the highest level since 1999.

 

  
 

 

 

The impact is so immense that even the positive news from the domestic housing market have failed to make up it.
 
According to Chris Hunter, manager for Western Union Business Solutions, says that despite higher housing prices (+2.4% in October), investors are currently focused on the unemployment stats as these data are more relevant. This is the major factor that affects the NZD exchange rate.
 
Forex.
 
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of NXDUSD. The currency pair is currently forming a bearish wave.
 
A break above 0.8122 will set a new target around 0.8099. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 0.8122 (as shown below).
 

 

 

 

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