NZDUSD - Bullish Bias

NZD - BULLISH
1️⃣ The unemployment rate in New Zealand dropped to 4.7% in the first quarter of 2021, down from 4.9% the previous quarter and lower than the market's expectation of 4.9%.
2️⃣ Positive risk sentiment supported the antipodeans.

USD - BEARISH
1️⃣ Federal Reserve Chair Jerome Powell has argued the labor market is still far short of where it needs to be to start talking of tapering asset buying.
2️⃣ Federal Reserve speakers downplayed the risks of higher inflation ahead of the US monthly jobs report due on Friday.
3️⃣ Investors have refocused on messages from Federal Reserve officials, who stick to the dovish message that inflation is transitory and that the economy has a long way to go.

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Technical
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We are looking to buy the NZDUSD at support + above SMA 50 on the H1 chart.

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Risk to this trade
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Any change in sentiment could turn the pair's direction.

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We are entering position on NZDJPY.