NZD/USD consolidates losses after NFP

NZD/USD continues to move with a bearish bias on Friday and it approached weekly lows. Price action remains limited despite the NFP numbers. 

After the release of the lower-than-expected NFP, NZD/USD climbed to 0.6992. Then it quickly bounced back to the downside and reached a fresh 2-day low at 0.6946. Currently, it trades at 0.6960, 10 pips below yesterday’s closing price. 

The greenback remains resilient in the market despite the jobs data. The US economy added 98K jobs in February and previous months numbers were revised lower. On the positive front, the unemployment rate dropped to 4.5%, the lowest in 10 years. 

Commodity currencies are mostly lower in the market, weakened amid risk aversion. They lost ground during the Asian session after the US fired cruise missiles at Syria. 

On a weekly basis, NZD/USD is headed toward the second loss in a row with the price holding above year-to-day lows and moving between the 20 and 100 weekly moving averages. 

Technical levels 

To the upside, the pair could encounter resistance at 0.6965 (20-hour moving average), 0.7000 (psychological level) and 0.7020 (April 4 high). On the other side, supports could be seen at 0.6945 (daily low), 0.6890 (Mar 9 low) and 0.6860 (Dec 23 low).