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NZD/USD rebounds into 0.6000 as US Dollar falls back on NFP buzzer-beater

The NZD/USD is bounding higher as the US Dollar falls back on NFP data beats.
Kiwi catches enough lift to tap the 0.6000 major level post-NFP.
The Kiwi is now grasping to stay flat on the week.

Joshua Gibson FXStreet

Friday markets are seeing a broad reversal of the week's flows after the US Non-Farm Payrolls (NFP) figures came ion well above expectations, with the US economy adding 336K jobs, well above the forecast decline to 170K and easily beating the previous figure which was revised from 187K to 220K.

US Nonfarm Payrolls soar by 336,000 in September vs. 170,000 forecast

With the US NFP barrelshot out of the way, markets are stepping away from the US Dollar (USD) to close out the trading week, and the NZD/USD has rebounded from Friday's low of 0.5923 and is now trading back slightly into 0.5980 after briefly tipping into the 0.6000 major handle.

Markets will be rounding the corner into a sedate trading window next week, and meaningful data isn't expected until Wednesday's US Producer Price Index (PPI) figures as well as the Federal Reserve's (Fed) Federal Open Market Committee (FOMC) which will be dropping their latest meeting minutes for investors to review.

NZD/USD technical outlook

The NZD/USD pinged 0.6000 following the US Dollar's broad-market fallback, sending the pair back into the week's opening bids. The pair has climbed 2.2% from the week's bottom near 0.5870, and the Kiwi is set to fall back heading into the Friday close.

On the daily candlesticks the NZD/USD still remains firmly planted in consolidation territory, trading into the 50-day Simple Moving Average (SMA) with the 200-day SMA firmly entrenched just north of 0.6150.

September's bottom of 0.5846 still remains a key technical floor, but the pair is still well off recent highs, down 6.7% from July's peak into 0.6415.

NZD/USD hourly chart

NZD/USD daily chart

NZD/USD technical levels

NZD/USD

Overview

Today last price

0.5989

Today Daily Change

0.0023

Today Daily Change %

0.39

Today daily open

0.5966

Trends

Daily SMA20

0.5932

Daily SMA50

0.5967

Daily SMA100

0.6067

Daily SMA200

0.6171

Levels

Previous Daily High

0.5969

Previous Daily Low

0.5906

Previous Weekly High

0.605

Previous Weekly Low

0.5899

Previous Monthly High

0.605

Previous Monthly Low

0.5847

Daily Fibonacci 38.2%

0.5945

Daily Fibonacci 61.8%

0.593

Daily Pivot Point S1

0.5925

Daily Pivot Point S2

0.5884

Daily Pivot Point S3

0.5862

Daily Pivot Point R1

0.5988

Daily Pivot Point R2

0.601

Daily Pivot Point R3

0.6051

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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