NZD/USD remains after the PMI data in the vicinity of session lows

FXStreet — The new Zealand Dollar is quoted against the US Dollar, near the session lows at 0,7064. The cause of this were extremely positive failed U.S. economic data supported the Greenback on a broad Front. Finally, the currency traded pair on 0,7063 and to 0.30 percent in the Minus.

In early American business, the Greenback from better-than-expected employment was purchased to pay for the U.S. private sector on a broad Front, and the US Dollar Index jumped to a daily high at 97,26. In addition, the representatives of the American Central Bank, Jerome Powell said that further rate had increases to be appropriate because the consumer and job data to a higher Inflation rate close. DXY could not, however, preserved its bullish Momentum, as investors ahead of the key US labour market data, which will be released on Friday, prefer to stay on the side line.

Both the purchasing managers ‘ index from Markit and the ISM report revealed that the manufacturing sector also remained in may on a course of expansion. In addition, the employment component, which has increased the expectations for a strong growth. Nevertheless, the strength of the labor market is no longer a Surprise for the investors and a June interest rate increase will apply, according to CME FedWatch Tool as a foregone conclusion (96%).

Technical Outlook

In spite of the increased fluctuations on Thursday, the currency traded Range pair of in a tight 40 Pips. After it’s highlighted yesterday, the highest level since the beginning of March, seemed to be the currency to be a couple today in a correction movement passed, in the course of the RSI reflected. However, the 200-day line was formed for 0,7065 a strong support. Only in the case of a daily closing price, including further losses in the Pair. The 100-day line at 0,7015 offers first support. A further line is then 0,6960 (50-days-line). Technical Resistances are at 0,7120 (to the power of 31. May / 3-month High), 0,7200 (psychological mark) and 0,7245 (High-23. To find February).

** FXStreet News Editorial, FXStreet**

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