NZD/USD Might Break Key Resistance Amid Declining Business Confidence in NZ

Last Updated on October 26, 2020

Australia – ANZ Job Advertisements

On Monday, at GMT 1:30 a.m., Australia and New Zealand Banking Group (ANZ) released its monthly Job Advertisement figure. It measures the changes in the number of advertised jobs in key Australian cities through the major daily newspapers and web portals.

Job advertisements usually lead to hiring new employees. So, binary options traders consider this data from ANZ to be a leading indicator of the employment trend in the country. The ANZ Job Advertisement figure usually has greater impact on the Australian Dollar when it is released before the Australian government’s official employment data.

Last month, the ANZ Job Advertisement figure increased by 1.4%. This month it decreased by -1.7%, indicating that employers are looking to hire less workers in the coming months.

United States – ISM Non-Manufacturing PMI

On Thursday, at GMT 2:00 p.m., the US based Institute for Supply Management (ISM) released its monthly Non-Manufacturing PMI figure. It measures the level of a diffusion index created by surveying purchasing managers. However, the ISM’s PMI figure excludes the non-manufacturing sector.

Binary options investors consider the ISM Non-Manufacturing PMI figure to be a leading economic indicator. Partly because purchasing managers have the most updated view of the economy.

Last month, the ISM’s PMI figure came out at 58.6. However, the forecast for this month is set at a slightly lower figure, at 58.3.

NZD/USD Forecast

Since forming a bearish outside bar (BEOB) on April 13, the NZD/USD remained in a strong downtrend. Over the last few months, the NZD/USD fell by around 650 pips. However, last Friday, the pair formed a bullish pin bar and there is a good chance of a bullish retracement over the next few days. While the bullish retracement is likely, the NZD/USD needs to break above the pivot zone around 0.6825 before a strong uptrend can be established.

The New Zealand Institute of Economic Research (NZIER) Business Confidence fell sharply over the last two months. On the other hand, analysts are expecting the US ISM Non-Manufacturing PMI reading this month to come down slightly compared to last month. We believe it would set a bullish fundamental outlook for the NZD/USD this week. Therefore, if the NZD/USD closes above the resistance near 0.6825, it would likely attract additional bullish momentum in the market.

Hence, US binary options traders should look out for trading opportunities above this major resistance level around 0.6825.

BTC/USD Forecast

The BTC/USD remained bearish since the first week of June. However, last week, the BTC/USD turned bullish and broke above the downtrend line on the 240-minute chart. If the bitcoin price breaks above the resistance around 6550.00, it will signal that the uptrend has resumed.

Singapore based cryptocurrency exchange Huobi said it will not register with Japanese Financial Services Agency (FSA). Hence, it decided to suspend trading services in Japan, effective from July 2. However, earlier last week, Huobi announced to open new office in London and appointed a new director and COO.

Meanwhile there were more good news in the cryptocurrency arena, including a lot of bullish momentum in bitcoin miners that trade on public stock exchanges around the world. The bullish momentum in miner’s stocks signaled that there is potential bullish play with the BTC/USD. Therefore, if the BTC/USD breaks above the 6550.00 level, it will likely attract additional bullish momentum in the market.

Hence, US bitcoin traders should look out for trading opportunities above this major resistance level around 6550.00.

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