NZD/USD struggles to stage a convincing rebound, looks to close around 0.7150

  • NZD/USD remains on track to close third straight day lower.
  • US Dollar Index clings to gains around 92.00.
  • Nonfarm Payrolls in the US increased by 379,000 in February.

Following Thursday's sharp decline, the NZD/USD pair extended its slide on Friday and touched its lowest level since mid-January at 0.7101. Although the pair was able to pull away from its lows, it remains deep in the negative territory in the late American session and was last seen losing 0.68% on the day at 0.7140. On a weekly basis, the pair is down nearly 100 pips.

USD capitalizes on strong US labour market data

The USD continued to gather strength ahead of the weekend after the data published by the US Bureau of Labor Statistics showed that Nonfarm Payrolls in February increased by 379,000. This reading surpassed the market expectation of 182,000 by a wide margin. Additionally, the report revealed that the Unemployment Rate edged lower to 6.2% from 6.3%. 

Commenting on the US jobs report, "king dollar may feel more comfortable on its throne. The Fed seems content with its current policy, and unlikely to budge – at least not until its next meeting on March 17," said FXStreet analyst Yohay Elam. "All in all, the wait for the NFP has caused a pause in dollar gains, and now the greenback has a new green light for gains."

 NFP Quick Analysis: Another greenlight for greenback gains after Powell.

With the initial reaction, the 10-year US Treasury bond yield surged to its highest level in more than a year 1.622% and provided a boost to the greenback. The US Dollar Index (DXY) climbed to its highest level since late November at 91.20 before going into a consolidation phase. At the moment, the DXY is up 0.4% at 92.00.

Technical levels to watch for


Today last price 0.7142
Today Daily Change -0.0051
Today Daily Change % -0.71
Today daily open 0.7193
Daily SMA20 0.726
Daily SMA50 0.7204
Daily SMA100 0.7051
Daily SMA200 0.6814
Previous Daily High 0.7273
Previous Daily Low 0.7173
Previous Weekly High 0.7466
Previous Weekly Low 0.7223
Previous Monthly High 0.7466
Previous Monthly Low 0.7135
Daily Fibonacci 38.2% 0.7211
Daily Fibonacci 61.8% 0.7235
Daily Pivot Point S1 0.7153
Daily Pivot Point S2 0.7112
Daily Pivot Point S3 0.7052
Daily Pivot Point R1 0.7253
Daily Pivot Point R2 0.7313
Daily Pivot Point R3 0.7354



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