Next week will see the release of the US Non-Farm Payroll on Friday.
The NZD/USD is still supported at 0.72 multi-month support.
The NZD/USD is trading at around 0.7237 virtually unchanged on Good Friday so far as most major currencies are trading quietly while markets are closed in the US, Europe, Australia and New-Zealand for the long Easter holiday weekend. While the US and Canadian markets will reopen on Monday, Europe, Australia and New Zealand markets will only re-open next Tuesday.
Next week will see the US Non-Farm Payroll (NFP) which is considered one of the most important macroeconomic data piece, especially for the US Dollar.
The Dollar Index (DXY), this week rebounded from the $89 handle to meet resistance at the $90 mark. Analysts attribute the DXY rally to the dissipating concerns over the trade war between the US and China and the progress on the North Korea’s nuclear program.
“A key part of the dollar’s recent gains were quarter-end flows, with many investors seen to have closed out short positions on the currency to lift the dollar. It remains to be seen if the dollar can retain its gains next week when the new quarter begins, as it will no longer have support from such flows. Much of the challenging themes will remain the same in the next quarter, such as the health of the U.S. economy and trade issues.” according to Shin Kadota, senior strategist at Barclays, Tokyo.
NZD/USD daily chart
The NZD/USD rebounded yesterday at the 200-period simple moving average close to the 0.72 handle multi-month support. Resistance is seen at 0.7250 and 0.73 level high of the week. On the flip side, support is seen at the 0.72 level mentioned above and at the 0.7150 swing low.