NZD/USD Analysis: Awaits Non-Farm Payrolls

Technical analysis of Forex market

The New Zealand Dollar appreciated about 130 base points against the US Dollar on Thursday. The currency dashed through the weekly R1 at 0.6623 during the end of the previous session.

By the middle of the European trading session on Friday, the exchange rate has tested the monthly R2 at 0.6681.

If that resistance level holds, the currency exchange rate could make a brief retracement south towards the weekly R1 0.6602.

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Today’s macroeconomic data releases scheduled at 12:30 GMT could play a significant role in the movement of the currency pair.