NZD/USD jumps toward 0.6300 as US Dollar tumbles


  • Greenback drops sharply after NFP and ISM service sector.
  • US yield falls to multi-day lows, commodities rebound.
  • NZD/USD reverses from monthly lows, and trims weekly losses.

The NZD/USD has risen a hundred pips from the daily low and it is trading at 0.6290, with a solid bullish tone supported by a broad-based USD decline.

The greenback turned to the downside after the release of the Nonfarm Payrolls report that came in above expectations. After a brief recovery, it resumed the downside following the ISM Service Sector report for December that showed a larger than expected slide.

Following the numbers, US yields tumbled with the 10-year falling from 3.75% to 3.61%, the lowest level since December 20. The DXY reversed sharply from one-month highs above 105.50 to under 104.50, turning negative for the day, but still positive for the week.

The NZD/USD is looking at the 0.6300 zone and toward the next resistance that stands at 0.6310 (Jan 5 high). Above attention would turn to 0.6355/60, a critical area that capped the upside several times. A consolidation above 0.6360 should open the doors to more gains. On the flip side, 0.6250 is the immediate support, followed by 0.6215.

Technical levels

NZD/USD

Overview
Today last price 0.6269
Today Daily Change 0.0040
Today Daily Change % 0.64
Today daily open 0.6229
 
Trends
Daily SMA20 0.6333
Daily SMA50 0.62
Daily SMA100 0.6038
Daily SMA200 0.6228
 
Levels
Previous Daily High 0.6341
Previous Daily Low 0.621
Previous Weekly High 0.6373
Previous Weekly Low 0.6253
Previous Monthly High 0.6514
Previous Monthly Low 0.623
Daily Fibonacci 38.2% 0.626
Daily Fibonacci 61.8% 0.6291
Daily Pivot Point S1 0.6179
Daily Pivot Point S2 0.6129
Daily Pivot Point S3 0.6047
Daily Pivot Point R1 0.631
Daily Pivot Point R2 0.6391
Daily Pivot Point R3 0.6442

 

 

Share: Feed news

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 should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD recovers toward 1.0850 as risk mood improves

EUR/USD recovers toward 1.0850 as risk mood improves

EUR/USD gains traction and rises toward 1.0850 on Friday. The improvement seen in risk mood makes it difficult for the US Dollar (USD) to preserve its strength and helps the pair erase a portion of its weekly losses. 

EUR/USD News

GBP/USD stabilizes above 1.2700 after downbeat UK Retail Sales-led dip

GBP/USD stabilizes above 1.2700 after downbeat UK Retail Sales-led dip

GBP/USD staged a rebound and stabilized above 1.2700 after dropping to a weekly low below 1.2680 in the early European session in response to the disappointing UK Retail Sales data. The USD struggles to find demand on upbeat risk mood and allows the pair to hold its ground. 

GBP/USD News

Gold rebounds to $2,340 area, stays deep in red for the week

Gold rebounds to $2,340 area, stays deep in red for the week

Gold fell nearly 4% in the previous two trading days and touched its weakest level in two weeks below $2,330 on Thursday. As US Treasury bond yields stabilize on Friday, XAU/USD stages a correction toward $2,340 but remains on track to post large weekly losses.

Gold News

Dogecoin inspiration Kabosu dies, leaving legacy of $22.86 billion market cap meme coin behind

Dogecoin inspiration Kabosu dies, leaving legacy of $22.86 billion market cap meme coin behind

Kabosu, the popular Shiba Inu dog that inspired the logo of the largest meme coin by market capitalization, Dogecoin (DOGE), died early on Friday after losing her fight to leukemia and liver disease.

Read more

Week ahead – US PCE inflation and Eurozone CPI data enter the spotlight

Week ahead – US PCE inflation and Eurozone CPI data enter the spotlight

Dollar traders lock gaze on core PCE index. Eurozone CPIs in focus as June cut looms. Tokyo CPIs may complicate BoJ’s policy plans. Aussie awaits Australian CPIs and Chinese PMIs.

Read more

Forex MAJORS

Cryptocurrencies

Signatures