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NZD/USD flirting with session tops ahead of the crucial US jobs data

The NZD/USD pair held on to daily gains, albeit lacked any follow through traction and now seems to have entered a consolidation phase ahead of the US employment details.

The pair on Friday managed to rebound sharply from 100-day SMA and reversed previous session’s entire drop led by impressive ADP report. A modest retracement in the US treasury bond yields, failing to extend support to the US Dollar's overnight up-move, was seen lending support to higher-yielding currencies - like the Kiwi.

However, a sharp slide in commodity prices seems to have kept a lid on any further up-move for commodity-linked currencies, with the pair stuck in a range around the region of session tops near 0.7080-85 band.

Investors now look forward to the closely-watched US non-farm payrolls data for more guidance. A solid headline job number would reaffirm expectations for a June rate-hike action and should provide an immediate boost to the greenback's recovery move.

Technical levels to watch

The very important 200-day SMA near 0.7100-0.7105 region remains immediate strong resistance, which if conquered should accelerate the up-move towards 0.7155-60 intermediate horizontal resistance en-route next major hurdle near the 0.7190-0.7200 region.

On the downside, 100-day SMA near 0.7055 region seems to have emerged as an important support, which if broken might drag the pair immediately towards 0.7020 support ahead of the key 0.70 psychological mark.

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