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NZD/USD consolidates above 0.5860 ahead of US NFP
FXStreet says the pair is being supported by the RBNZ's hawkish tilt, with market focus shifting to how US Nonfarm Payrolls could move USD pricing in the near term.
NZD/USD is trading in a choppy range, holding above the 0.5860 area as it consolidates in early Friday European hours, with traders reportedly waiting for the next catalyst from the United States.
FXStreet points to expectations for at least one more US interest rate hike by the Federal Reserve as a tailwind for the safe-haven US dollar, while noting the Reserve Bank of New Zealand's hawkish stance continues to underpin the Kiwi.
The outlet highlights that 0.5860 aligns with a horizontal resistance breakpoint in the technical picture, with the RSI hovering near the neutral 50 line and MACD slightly negative, signaling consolidation rather than a strong trend.
On the upside, bulls may look for sustained strength and acceptance above 0.5900, while the 200-period simple moving average on the 4-hour chart around 0.5770 is cited as a deeper structural floor if sellers extend a pullback.