NZD/USD Price analysis: Eyes on technicals ahead of the jobs data

NZD/USD is NZD/USD is under pressure mid-week after reaching a high through 0.59 the figure. The US dollar was in recovery despite yesterday’s JOLTS data that suggested the US labour market has a way to go before it’s no longer adding significant inflation pressure, as analysts at ANZ Bank explained. 

The analysts argued that ''positioning ahead of the FOMC decision tomorrow is also at play, and suggests moves in the Kiwi following today’s NZ labour market data may be short-lived. But that’s not to say these data doesn’t have the potential to rattle a few cages when it comes to RBNZ expectations.''

''The hurdle for the labour market not to look inflationary is extremely high, but the hurdle to beat the RBNZ’s forecast (particularly for wage growth) isn’t what we’d call low. These data can be quite volatile though, so we’re not counting any chickens yet.''

NZD/USD technical analysis

As for the technical, the price is climbing a daily support line as follows:

The hourly picture shows the price balanced on a key hourly support structure:

A break here opens risk to the trendline while a break higher will leave the bulls in control ahead of the Fed with eyes on the 0.59 figure again.