• NZD/USD retreats to 0.7140 after taking out resistance at 0.7150 on Friday.
  • US dollar index inches closer to 92.20 as risk-on sentiment eases.
  • Markets expect prolonged easy money as NFP disappoints.

NZD/USD is pulling back towards the 0.7140 mark after taking out resistance at 0.7150 with relative ease on Friday. The US dollar index (DXY) is inching higher towards 92.20, as risk-om market sentiment eases, at the time of writing.

The Asian markets remain mixed with Australia’s ASX 200 down 0.75%, while China’s Shanghai Composite Index is trading higher by 0.78% along with Japan’s Nikkei 225 up around 1.50%. Meanwhile, the S&P 500 futures are down 0.10% and the US 10-year yields are up 1.326%, helping the US dollar index gain.

The US dollar index slipped to 91.94 on Friday, after the Nonfarm Payrolls came in at 235,000, far lower than the expected 750,000. A drop in unemployment (5.2% versus 5.4%) and an uptick in July revised job data to 1.053 million, failed to check the greenback’s slide.

Markets are expecting the Fed to maintain its dovish tone and further push its tapering timeline to December 2021 or early 2022. Having said that, an uptick in the revised August data could invite an early announcement.

The worsening COVID-19 situation in the US, with prolonged restrictions, weighed on the job data. The Fed is expected to wait for further growth in the job market along with sustained inflation targets above 2% to withdraw its asset purchase program and consider a rate hike.

Technical levels

NZD/USD bulls had taken out 0.7150 resistance, its June 15 high, with relative ease on Friday. The currency could pull back to 0.7100 initial support in the near term. A break lower would push further to its 0.7030 support, the September 1 low.

NZD/USD

Overview
Today last price 0.7141
Today Daily Change -0.0010
Today Daily Change % -0.14
Today daily open 0.7151
 
Trends
Daily SMA20 0.6988
Daily SMA50 0.6989
Daily SMA100 0.7085
Daily SMA200 0.7115
 
Levels
Previous Daily High 0.7171
Previous Daily Low 0.7104
Previous Weekly High 0.7171
Previous Weekly Low 0.6987
Previous Monthly High 0.7089
Previous Monthly Low 0.6805
Daily Fibonacci 38.2% 0.7145
Daily Fibonacci 61.8% 0.7129
Daily Pivot Point S1 0.7113
Daily Pivot Point S2 0.7074
Daily Pivot Point S3 0.7045
Daily Pivot Point R1 0.718
Daily Pivot Point R2 0.7209
Daily Pivot Point R3 0.7248

 

 

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