FxWirePro: NZD/USD confirms cloud breakout, US NFP data in focus for further impetus

Chart - Courtesy Trading View 

Spot Analysis:

NZD/USD was trading 0.33% higher on the day at 0.6821 at around 05:00 GMT

Previous Week's High/ Low: 0.6809/ 0.6630

Previous Session's High/ Low: 0.6809/ 0.6761

Fundamental Overview:

Concerns over the Ukrainian nuclear power plant attacked by Russia recede, offering some comfort to the risk-sensitive antipodeans.

Russia’s attack on Ukrainian nuclear plant had triggered the latest risk-aversion wave as higher radiation levels and renewed Chernobyl fears.

On the data front overnight, US ISM Services PMI eased for the third consecutive month, while, Factory Orders came in positive.

Focus now on US Non-Farm-Payrolls report for February. headlines concerning Ukraine and Russia will be crucial for price movements.

Technical Analysis:

- NZD/USD edges higher from session lows at 0.6767

- Momentum is bullish, Stochs and RSI are sharply higher

- Volatility is high and rising, major moving averages are trending higher

- Price action shows break out of daily cloud raising scope for further upside

Major Support and Resistance Levels:

Support - 0.6785 (5-DMA), Resistance - 0.6851 (110-week EMA)

Summary: NZD/USD trades with a bullish bias. Close above daily cloud will reinforce bullish bias. Scope for further upside.