NZD/USD Consolidates above 0.6050, US Jobs Data in Focus

In the early Asian session, NZD/USD is consolidating above the nearby support level of 0.6060, as the US market reopens today after an extended weekend holiday. It is expected that NZD/USD will break out of its current range and experience increased volatility.

S&P 500 futures surged significantly as investors remain optimistic about the US debt ceiling agreement being passed in Congress before June 5. While the increase in the debt ceiling will prevent default, it may lead to credit rating downgrades for financial institutions.

The US Dollar Index (DXY) continues to face resistance near 104.30. The upside potential for the index is limited due to the potential increase in the US debt ceiling, while the downside is supported by prospects of the Federal Reserve (Fed) further raising interest rates.

This week, the US employment situation will remain a focus in the market. On Wednesday, the US JOLTS Job Openings data will be released, with an expected figure of 9.35 million, compared to the previous value of 9.59 million. This indicates a slowdown in hiring processes by companies due to dimmer economic outlook. Later, the US ADP Employment Change (May) will be in focus, with an expected figure of 170,000, lower than the previous value of 269,000.

For NZD/USD, the Caixin Manufacturing Purchasing Managers' Index (May) data will also be in focus. The expected figure for May is 49.5, indicating a stable manufacturing activity. A reading below 50 signifies contraction in the manufacturing sector.

It is worth noting that New Zealand is one of China's major trading partners, and stability in Chinese factory activity may weigh on NZD/USD.

NZD/USD

Overview

Latest Price: 0.6052

Daily Change: 0.0006

Daily Change %: 0.10

Today's Open: 0.6046

Trend

20-day Moving Average: 0.6226

50-day Moving Average: 0.6221

100-day Moving Average: 0.6267

200-day Moving Average: 0.6153

Levels

Previous Day High: 0.6097

Previous Day Low: 0.6032

Last Week High: 0.6303

Last Week Low: 0.6032

Last Month High: 0.6389

Last Month Low: 0.6111

Daily Fibonacci 38.2% Retracement Level: 0.6057

Daily Fibonacci 61.8% Retracement Level: 0.6072

Daily Pivot Support 1: 0.602

Daily Pivot Support 2: 0.5993

Daily Pivot Support 3: 0.5955

Daily Pivot Resistance 1: 0.6085

Daily Pivot Resistance 2: 0.6123

Daily Pivot Resistance 3: 0.615

*The provided information is for reference purposes only and should not be considered as financial advice or investment recommendation.