NZD/JPY analysis for May 5, 2021
Looking at the graph on the four-hour time frame, we see movement in the rising channel with certain pulls within the channel and movement with greater support with moving averages from below. After reaching the previous high at 79,212, we have a pullback to 75,500 and then start forming this rising channel. We are now at the current 78,591 and will again test the previous high at 79,212. If the NZD/JPY pair crosses that resistance zone, the next resistance at the psychological level of 80,000 awaits us.
Otherwise, we descend again to 78.00, seeking support on the bottom line of the growing channel to support higher moving averages MA200 and EMA200. A fall below the lower support line opens up space for us to descend to the previous low of 75,500. Looking at the MACD indicator, we see that the MACD blue line is turning towards the potential start of a new bullish trend.
New Zealand’s unemployment rate reached 4.7 percent in the first quarter of 2021, New Zealand Statistics announced on Wednesday. That was better than the estimates by 4.9 percent, which is unchanged compared to the previous three months.
The change in employment was 0.6 percent in the quarter, stable compared to the previous three months, but exceeding expectations by 0.2 percent. There were 15,000 more employees in the first quarter than in the last quarter, up to 2,750,000, as 2,000 more men and 14,000 more women were employed. The labor cost index of all wage and earnings rates ( with including overtime) increased by 1.6 percent in the year to the quarter of March 2021. Private sector wages rose 1.6 percent in a year, and public sector wages rose 1.8 percent year-over-year.
Wage and earning rates (including overtime) rose 0.4 percent during the quarter. Private sector wage and wage rates increased by 0.4 percent, and public sector wage rates rose by 0.3 percent.
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