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FxWirePro: NZD/USD ignores Doji on Thursday's candle, resumes weakness on broad-based US Dollar strength
NZD/USD chart - Trading View
NZD/USD was trading 1.06% lower on the day at 0.5850 at around 09:40 GMT.
The pair has ignored Doji formation in the previous day's candle and has resumed downside.
US Dollar continues to show signs of strength amid the prevailing strong bullish sentiment despite an unprecedented rise in the US initial weekly jobless claims on Thursday.
The greenback continued safe-haven bids as the global reserve currency amid rising concerns over the worsening economic fallout from the coronavirus pandemic.
Technical indicators support downside in the pair. RSI is below 50 and biased lower.
Major and minor trend as evidenced by the GMMA are biased lower. Stochastics RSI is on verge of rollover from overbought levels.
Little support seen on the downside till lower BB at 0.5589. 5-DMA is immediate resistance at 0.5931. Break above 21-EMA could change near-term dynamics.
Focus now on US Non-Farm Payrolls March data for impetus. DXY is holding onto previous session's gains.
Analysts expect NFP to lose 100,000 in March, first decrease since September 2010. Unemployment (U-3) is expected to rise to rise to 3.8% from 3.5%.
Support levels - 0.5589 (Lower BB), 0.5469 (Mar 19 low)
Resistance levels - 0.5931 (5-DMA), 0.5987 (21-EMA)