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NZDUSD : Continues to Decline, ANZ Business Confidence & US Unemployment Claims Weighs

(NZDUSD : 4 Hour Chart)

NZDUSD is currently trading in oversold zone but still continue to show some bearish movement. Looking at the moving averages on the chart we can see that the 100 day SMA just crossed below the 200 day SMA confirming the bearish trend. However the pair seems like following a downward sloping channel trend. A break down below the support trend line of the channel will also confirm the bearish attempt.

 NZD remained under pressure after the ANZ business confidence index for New Zealand fell to 53.5 this month from the reading of 64.8 in April as reported on Tuesday. Investors are currently weighing the better than expected unemployment claims report which shows that the initial jobless claims in the week ending May 24 decreased by 27000 to a seasonally adjusted 300000 from the previous week’s revised total of 327000.  

(NZDUSD : Daily Chart)

On the daily chart, the 100 day SMA may act as a support for the pair.