On Tuesday the New Zealand unemployment rate beat expectations by felling for the fourth straight month reaching its lowest level since 2010. The unemployment rate for the second quarter recorded a reading of 5.6, beating the expectations of 5.8.
NZDUSD initially tried to rally during yesterday, but found some selling pressure on the 200 day simple moving average at the 0.85 level in order to turn reverse and form a doji. With that in mind, this pair may stay in a range bound until new fundamental news spurs more risk appetite.
Expecting upward move to key level at 0.8648 on a break above the previous day high at 0.8500 (scenario 1) or stay in a consolidation within 0.8422 and 0.8500 (scenario 2).