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Job Growth Slows in New Zealand and the NZD/USD Stomps at Key Trendline

Job growth in New Zealand for the 2nd quarter increased 0.4%, which is about 10,000 people. This missed forecast of around a 0.6% increase, and is much slower than the 0.9% growth rate in Q2. The unemployment rate decreased to 5.6% from a downwardly revised 5.9% in Q2 (It was originally 6.0%). However, the participation rate also decreased by 0.3% to 68.9%, which downplays the improvements seen in the decline in the jobless rate. 

Here is a recent history of NZ's job growth rate on a quarter-to-quarter basis:


(source: forexfactory.com)

Here is the breakdown from Statistics New Zealand:

You can see that the job growth rate has bee positive for 6 straight quarters. That's a good thing. BUT, you can also see jobs growth declining since Q3 of 2013, albeit still beating forecast, until the most recent report. The 0.4% missed forecast and is the slowest rate in a year, since the 0.4% reading in Q2 2013. 
So while jobs are increase, growth is slowing, and reaffirming the RBNZ's reason to hold rates after 4 consecutive rate hikes. These rate hikes might slow down growth in the general economy. For the NZD, this is a sign that it will continue to give back its 2014 gains. However, I believe it should be shifting to a sideways market instead of getting into a bearish one. After all, the RBNZ is still ahead of schedule in terms of rate hikes relative to the FOMC. 
NZD/USD Daily Chart:

You can see that today's price action has dragged the NZD/USD to crack the rising trendline from Sept. 2013 as well as break below the 200-day SMA. The engulfing bearish candle adds weight to this bearish attempt and the market looks poised to carry this bearish momentum downward. The 0.82 level looks like a key one to monitor for support if the short-term bearish outlook does materialize.