FXStreet (Mumbai) – The weaker-than-expected US non-farm payrolls report triggered a relief rally in the NZD/USD pair. The sport rose to a post-NFP high of 0.6715, before falling back to 0.67-0.6710 band.
USD ditched across the board
The NFP printed at 223, missing the consensus estimate of 230K, while the labor force participation rate dropped to its slowest since Oct 1977. Average hourly earnings also stalled in June. Consequently, the USD was sold across the board.
The NZD/USD pair, being oversold in last three trading sessions, witnessed a recovery post-NFP release. It remains to be seen if the USD extends weakness ahead of the weekend or the NZD is offered on the rise due to the disappointing GDP price auction results on Wednesday.
NZD/USD Technical Levels
The next major support is seen at the psychological level of 0.67, under which a major support is seen at 0.6662 (daily low). On the other hand, resistance is seen at 0.6786 (June 28 low) and 0.6924-0.6930 (June 25 – June 22 high).
(Market News Provided by FXstreet)