With more than a price of 0.6600, the NZDollar inched higher itself against the US Dollar, it’s the very nice journey of the NZDUSD started since May 18, 2020, by marking continuously itself with the mark of the green candle on the graph. The NZ market now being on the bullish trend and openly welcomes the investors for the business objectives, yet, there are numbers of the factors that played the part in raising the currency, But the incredible decline in the unemployment rate undeniably serves as a catalyst in driving the currency up.

The Unemployment Increase, released by the Bundesagentur für Arbeit on August 04, 2020, and reported by the New Zealand Statistics Office, decreased its number from 4.2% to 4%, It is a calculation of the absolute change in the number of unemployed people in Germany using seasonally adjusted data. A rise in this measure has negative implications for consumer spending, as there are fewer people at work and thus the country’s economic growth is declining. A reading above estimated is usually seen as negative (or bearish) for the NZ while a low reading is considered positive (or bullish).

Also, there are several support levels at this point, the downside of the pair’s price, which will prevent the price from further dropping, and would help it to lift its level above.

Conclusion

The NZDUSD position is quite different from the previous, and now the NZDUSD market is on the bullish trends of building confidence in potential investors by opening up its market for business purposes.