NZD/USD remain firm above 0.7250 after NFP, holds onto strong weekly gains

A Sharp decline of the US dollar after NFP boosted NZD/USD to weekly highs.
After hitting 0.7275, it pulled back, finding support above 0.7230.
The NZD/USD is moving toward the daily high it reached at 0.7275, the strongest level since April 29, after the discharge of the US employment report. After a pullback to 0.7230, the pair resumed the upside.

The greenback remains struggling across the board as equity prices rise in Wall Street and amid lower US yields. The Dow Jones rises by 0.42% and therefore the Nasdaq by 1.38%.

The weaker-than-expected employment numbers within the US didn’t affect markets that appear to be discounting more stimulus for an extended period of your time. The economy added in April 266K jobs, against an expectation of 978K. “A number of things weighed on the recovery of the role last month, but we suspect weakness is primarily due to shortages of both skilled labor and physical inputs limiting activity and thereby hiring,” explained analysts at Wells Fargo.

Despite the rally versus the US dollar, the kiwi dropped further against the Aussie. AUD/NZD climbed to 1.0788, a three-day high.

If NZD/USD rises further, it’ll test April’s high at 0.7285, the last line of protection to 0.7300. On the flip side, robust support emerges around 0.7230.

From the extent it had every week ago, NZD/USD is trading 100 pips higher, close to post the second-highest weekly close since April 2018.

Technical levels
NZD/USD
OVERVIEW
Today last price 0.7264
Today Daily Change 0.0031
Today Daily Change % 0.43
Today daily open 0.7233

TRENDS
Daily SMA20 0.7171
Daily SMA50 0.7139
Daily SMA100 0.7164
Daily SMA200 0.6953

LEVELS
Previous Daily High 0.724
Previous Daily Low 0.7184
Previous Weekly High 0.7287
Previous Weekly Low 0.715
Previous Monthly High 0.7287
Previous Monthly Low 0.6945
Daily Fibonacci 38.2% 0.7219
Daily Fibonacci 61.8% 0.7205
Daily Pivot Point S1 0.7198
Daily Pivot Point S2 0.7163
Daily Pivot Point S3 0.7142
Daily Pivot Point R1 0.7254
Daily Pivot Point R2 0.7275
Daily Pivot Point R3 0.731

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and will not in any way encounter as a recommendation to shop for or sell in these assets. you ought to do your own thorough research before making any investment decisions. FXStreet doesn’t in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also doesn’t guarantee that this information is of a timely nature. Investing in Open Markets involves an excellent deal of risk, including the loss of all or some of your investment, also as emotional distress. All risks, losses and costs related to investing, including total loss of principal, are your responsibility. The views and opinions expressed during this article are those of the authors and don’t necessarily reflect the official policy or position of FXStreet nor its advertisers.

admin

Read Previous

EUR/USD extends gains to two-month highs above 1.2150

Read Next

Gold Price Analysis: XAU/USD closes below $1840 amid disappointing NFP, 200-DMA still in sight

Leave a Reply

Your email address will not be published. Required fields are marked *