• NZD/USD rose sharply amid renewed USD weakness on Friday.
  • NZD/USD remains on track to post modest weekly losses.
  • US Dollar Index holds above 90.00 after NFP-inspired drop.

After spending the majority of the day consolidating the weekly losses around 0.7050, the NZD/USD pair staged a decisive rebound during the American trading hours and was last seen gaining 0.8% on the day at 0.7200.

USD loses its footing ahead of the weekend

The US Bureau of Labor Statistics reported on Friday that Nonfarm Payrolls rose by 559,000 in May. This print missed the market expectation of 650,000 and triggered a USD selloff with investors expecting the Fed to preserve its dovish stance. Further details of the publication showed the Labor Force Participation ticked down to 61.6% from 61.7% and the Unemployment Rate declined to 5.8% from 6.1%.

Reflecting the negative impact of the uninspiring jobs report on the greenback, the US Dollar Index (DXY) erased a large portion of Thursday's gains and was last seen losing 0.4% at 90.14.

Meanwhile, Wall Street's main indexes are posting strong gains on the day, making it difficult for the DXY to retrace its fall. Currently, the S&P 500 and the Nasdaq Composite indexes are up 0.72% and 1.55%, respectively.

NFP Quick Analysis: Dollar buying opportunity? Two reasons why dollar downing is likely temporary.

Technical levels to watch for

NZD/USD

Overview
Today last price 0.7198
Today Daily Change 0.0052
Today Daily Change % 0.73
Today daily open 0.7146
 
Trends
Daily SMA20 0.723
Daily SMA50 0.7164
Daily SMA100 0.7181
Daily SMA200 0.7017
 
Levels
Previous Daily High 0.7242
Previous Daily Low 0.7126
Previous Weekly High 0.7317
Previous Weekly Low 0.7158
Previous Monthly High 0.7317
Previous Monthly Low 0.7115
Daily Fibonacci 38.2% 0.717
Daily Fibonacci 61.8% 0.7197
Daily Pivot Point S1 0.71
Daily Pivot Point S2 0.7055
Daily Pivot Point S3 0.6984
Daily Pivot Point R1 0.7217
Daily Pivot Point R2 0.7288
Daily Pivot Point R3 0.7333

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD pressured around 0.6940 ahead of Australian employment data

AUD/USD pressured around 0.6940 ahead of Australian employment data

The AUD/USD pair trades near a weekly low of 0.6910, down on Wednesday as investors weigh dismal Australian data and mounting recession concerns. Employment figures coming up next.

AUD/USD News

EUR/USD ticks higher with FOMC Meeting Minutes

EUR/USD ticks higher with FOMC Meeting Minutes

EUR/USD ticked north following the release of the Federal Reserve’s document but remains subdued below the 1.0200 figure. US policymakers unanimously agreed to hike rates by 75 bps, seeing a slowing pace of hikes at some point.

EUR/USD News

Gold bears pressuring a critical Fibonacci support

Gold bears pressuring a critical Fibonacci support

The dollar is the overall winner across the FX board today and ahead of the release of the FOMC Meeting Minutes, with gold trading near a fresh one-week low.  XAUUSD is pressuring the 38.2% retracement of its latest daily advance.

Gold News

Shiba Inu on fire, another price rally around the corner?

Shiba Inu on fire, another price rally around the corner?

Shiba is closer to its breakout according to analysts. While declining trade volume and inflows to SHIB are typical of a bearish trend reversal, analysts remain bullish on SHIB. They predict recovery after the meme coin yielded nearly 50% gains within a week. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures