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Technical analysis and trading recommendations on EUR/NZD for May 06, 2015

New Zealand's unemployment rate and employment change on q/q basis were released at the Pacific session. The kiwi dollar is drifting against USD, EUR, GBP & AUD. Against USD & GBP, the kiwi has reported big losses at the Asian session today. The unemployment rate remained at 5.8 percent in Q1 2015, unchanged from a revised rate of 5.8 percent for the final quarter of 2014. While the unemployment rate was unchanged, there were 3,000 more unemployed people over the quarter. In Q1 2015 the number of employed people increased by 16,000 (0.7 percent); the working-age population was up 0.6 percent, resulting in the employment rate of 65.5 percent, unchanged from the previous quarter. The employment growth is still strong.

Technical view: We still recommend buying this cross at 1.4570 (the article dated April 30, 2015) with the targets at 1.4685, 1.4785, and in the medium term at 1.4820,1.4860, and perhaps 1.4930. Today at the Asian session,the cross made a high at 1.4970. All the given targets have been hit. We minted 400 pips in this cross. Today, the pair managed to trade above 100Dsma and 100Dema. We expect today the cross can touch around 1.5000 levels. On the downside, the pair probably made a double bottom around 1.4706 and changed the direction. We recommend moving the TSL to 1.4700 from earlier sl 1.4170 with a new target at 1.5200. 20wsma is found at 1.4835. For bulls, to regain the new strength and to make new highs, they must close above 1.4835 20Wsma. Fresh buying is advised above 1.5000 or sue a dip to buy again.Trade: Target revised at 1.5200.
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Uitgevoerd door, Analytische expert
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