The NZD/USD pair trades inside Thursday’s trading range in Friday’s European session.
NZD/USD clings to gains near 0.6200 ahead of US NFP report for May. The US Employment data will influence Fed rate-cut bets for September. The New Zealand Dollar strengthens amid speculation that the RBNZ will start reducing interest rates next year. The Kiwi asset clings to gains near the round-level resistance of 0.
NZD/USD rises to the horizontal resistance plotted from February 22 high at 0.6219. The Kiwi asset trades in a Rising Channel chart pattern in which each pullback is considered as buying opportunity by market participants. Upward-sloping 20-and 50-day Exponential Moving Averages near 0.6127 and 0.6079, respectively, suggest that the overall trend is quite bullish. The 14-period Relative Strength Index oscillates in the bullish range of 60.00-80.
Fed RBNZ NFP Supportresistance
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