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NZD/USD jumps towards 0.6300 as the dollar falls

  • The dollar falls sharply after the NFP and the ISM of the services sector.
  • US yield falls to multi-day lows, commodities rebound.
  • NZD/USD reverses from monthly lows and trims weekly losses.

The NZD/USD pair is up 100 points from the daily low and is trading at 0.6290, with a solid bullish tone supported by the general fall in the dollar.

The dollar turned lower after the release of the non-farm payrolls report, which beat expectations. After a brief recovery, it returned to the bearish path after the ISM for the services sector for December reported a larger than expected drop.

Following these figures, US yields plummeted and the 10-year rate fell from 3.75% to 3.61%, the lowest level since December 20. The DXY pulled back sharply from 1-month highs above 105.50 to below 104.50, turning negative on the day but still positive on the week.

NZD/USD looks towards the 0.6300 zone and next resistance at 0.6310 (5 Jan high). Above, attention would be at 0.6355/60, a critical area that has capped the upside on several occasions. A consolidation above 0.6360 would open the door for more gains. On the flip side, 0.6250 is immediate support, followed by 0.6215.

technical levels

NZD/USD

Overview
Last price today 0.6269
Today I change daily 0.0040
today’s daily variation 0.64
today’s daily opening 0.6229
Trends
daily SMA20 0.6333
daily SMA50 0.62
daily SMA100 0.6038
daily SMA200 0.6228
levels
previous daily high 0.6341
previous daily low 0.621
Previous Weekly High 0.6373
previous weekly low 0.6253
Previous Monthly High 0.6514
Previous monthly minimum 0.623
Fibonacci daily 38.2 0.626
Fibonacci 61.8% daily 0.6291
Daily Pivot Point S1 0.6179
Daily Pivot Point S2 0.6129
Daily Pivot Point S3 0.6047
Daily Pivot Point R1 0.631
Daily Pivot Point R2 0.6391
Daily Pivot Point R3 0.6442

Source: Fx Street

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