The NZD/USD pair extends its two-day winning spell on Friday as the US Dollar hits a fresh three-week low ahead of the United States Nonfarm Payrolls (NFP) and the ISM Services PMI report for April, which will be published in the New York session.
NZD/USD moves higher to 0.5980 as US Dollar remains on backfoot ahead of US economic data. The US NFP will influence speculation for Fed rate cuts, which are expected in September. NZ’s steady Labor Cost Index growth boosts expectations of the RBNZ delaying rate cuts.
NZD/USD rises to the upward border of the Falling Channel formation on a daily timeframe. The Kiwi asset is at a make or a break near 0.5980 as momentum oscillators exhibit signs of a bullish reversal while a pullback move to the upward border of the above-mentioned chart pattern emerges as a selling opportunity for the market participants knowing that the broader trend is still bearish. The 14-Relative Strength Index rebounds from 40.00, which indicates that the trend is not bearish anymore.
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