
The NZDUSD has been in a sideways to down channel since the sharp selloff last night. Overnight, New Zealand Employment report came out weaker than expectation with the employment rate rising to 3.6% from 3.4% last month. The number of jobs lost totaled 28,000, down 1.3%. The expectation was down 0.1%.
The topside resistance on the intraday comes in at 1.7730-37 (21 hour moving average and the trendline from the hourly channel).
On the downside, the 200 day moving average comes in at 0.7665. This will be watched as a level of support should the donwside be tested.
