NZD/USD approaches weekly highs after NFP

Matías Salord FXStreet

A weak US dollar pushed NZD/USD above 0.7100. The pair moved toward weekly highs following the release of the US employment report.

Non-farm Payrolls increased by 178K during November, slightly above expectations. The unemployment rate dropped to 4.6%, the lowest since 2007, from October’s 4.9%. On the negative side, Average Hourly Earnings dropped 0.1% inter-month.

Greenback weakened in the market after the release but volatility remained limited across financial markets amid a recovery in US bonds.

NZD/USD consolidates weekly gains

The pair peaked during the American session at 0.7140, the highest since Wednesday and it was trading at 0.7130/35, up 0.65% for the day and 90 pips above the level it had a week ago, about to post the second weekly gain in a row.

To the upside, the next resistance area might be seen at 0.7170 (weekly high) followed by 0.7200 (psychological) and 0.7225/30 (Nov 11 high). On the opposite direction, support could be located at 0.7105 (Dec 1 high), 0.7070 (Nov 30 low) and 0.7040 (Dec 1 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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