NZD/USD sets to climb above 0.6000 on upbeat market mood

NZD/USD aims to continue a three-day winning spell amid a risk-on mood.
Soft US labor demand tempered wage growth would allow the Fed to keep rates steady further.
The RBNZ is expected to keep its OCR unchanged at 5.50%, consecutively for the fourth time on November 29.

Sagar Dua FXStreet

The NZD/USD pair aims to climb above the psychological resistance of 0.6000. The Kiwi asset is expected to continue its winning spell for the fourth trading session as the market mood is quite upbeat due to expectations that the Federal Reserve (Fed) will not raise interest rates further and that Israel would ceasefire war with Palestine.

S&P500 futures have generated decent gains in the European session, portraying further improvement in the risk-taking ability of the market participants. US equities rose significantly on Friday after the Nonfarm Payrolls (NFP) report portrayed soft labor demand and steady wage growth. Fresh payrolls were 150K in October against expectations of 180K and the former reading of 297K. The Unemployment Rate rose to 3.9% against expectations of 3.8%.

Investors hope that soft labor demand will allow the Fed to keep interest rates unchanged in the range of 5.25-5.50%. Slower monthly wage growth by 0.2% also warranted that current rates by the Fed are sufficiently restrictive.

The US Dollar Index (DXY) edges below the crucial support of 105.00 as demand for safe-haven bets eases. Further action in the US Dollar will be guided by the speech from Fed Chair Jerome Powell, which is scheduled for Thursday.

On the New Zealand Dollar front, soft labor demand and easing wage growth indicate that the Reserve Bank of New Zealand (RBNZ) will keep interest rates unchanged at 5.50% for a longer period. The RBNZ is expected to keep its Official Cash Rate (OCR) unchanged at 5.50%, consecutively for the fourth time on November 29.

NZD/USD

Overview
Today last price	0.5986
Today Daily Change	-0.0014
Today Daily Change %	-0.23
Today daily open	0.6

Trends
Daily SMA20	0.589
Daily SMA50	0.5915
Daily SMA100	0.602
Daily SMA200	0.6119

Levels
Previous Daily High	0.6005
Previous Daily Low	0.5885
Previous Weekly High	0.6005
Previous Weekly Low	0.5788
Previous Monthly High	0.6056
Previous Monthly Low	0.5772
Daily Fibonacci 38.2%	0.5959
Daily Fibonacci 61.8%	0.5931
Daily Pivot Point S1	0.5922
Daily Pivot Point S2	0.5843
Daily Pivot Point S3	0.5801
Daily Pivot Point R1	0.6042
Daily Pivot Point R2	0.6084
Daily Pivot Point R3	0.6163

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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