Forex Marketz Daily Forex News – Fully Markets Update
Headed into the weekend, the New Zealand dollar is seeing some of its upside momentum fade against the U.S. dollar. The benchmark NZD/USD currency exchange rate is finding good upside technical resistance at the two hundred (200) day simple moving average.
With that said, the New Zealand dollar is whipsawing around the highest price level against greenback seen since mid-June. This high price point was refreshed on Thursday. The key economic event on the financial economic calendar for Friday is labor numbers out of the United States. Forex and other financial traders are waiting on the U.S. Labor Department labor market data due at 8:15 am EST.
The United States will publish their monthly non-farm payroll report (NFP). The U.S. Labor Department will also release the August unemployment rate, hourly average earnings as well as the monthly labor participation rate.
The euro area will release their monthly services and composite purchasing managers’ indices (PMI). Other Eurozone member nations, like Germany and France will also publish their monthly services and composite purchasing managers’ indices. The United Kingdom is also publishing their monthly services and composite purchasing managers’ indices.
Daily New Zealand Dollar Technical Analysis (NZD/USD)
Looking at price action on the above NZD/USD MT 4 chart, the New Zealand dollar is inching higher against the U.S. dollar but running into stiff technical resistance lining up at the day simple average. This upside barrier lines up near 0.7120. Also of note for Forex traders, the 14 day relative strength index (RSI) is near overbought.
A daily close above 0.7120, due to the overbought RSI might bring the Kiwi dollar fans out in full force, but the next upside barrier lines up at a falling trend line in play since 25 February. This layer of technical resistance is at 0.7150.
On the downside, immediate technical support lines up at 0.7070. A daily close below 0.7070 opens the door for 0.7050 then the round number of 0.70 comes into focus.
