The New Zealand Dollar (NZD), US Dollar (USD) opened the week around 0.6010 and has hovered around this level in thin market conditions. Although the cross has pushed up from the 0.5880 area its still trading in a bear channel and could ease back again over the week. We would need a break above 0.6100 numbers to confirm a proper shift north. Non-Farm Payroll numbers were a miss Friday with only 175,000 jobs added to the workforce with the unemployment ticking up to 3.9% from 3.8% in March. The Fed may indeed end up cutting rates over the following months with this data reiterating an economy which is easing faster than predicted. The economic docket is light this week which could indicate low volatility.
Current Level: 0.6005
Support: 0.5877
Resistance: 0.6050
Last week’s range: 0.5873- 0.6046