• NZD/USD held steady around 0.6200 level on Thursday as weak US economic data raised concerns about a potential slowdown in the US economy.
• Market focus is shifting to the upcoming US payrolls report scheduled for Friday. Economists surveyed expect NFP to show an increase of 165,000 U.S. jobs in August, after a rise of 114,000 in July.
•Investors will also keep a close eye on jobless claims on Thursday. Kiwi dollar was trading at up 0.07 % at $0.6203 against the U.S. dollar At (GMT 06:59).
• Technically, the moving averages are indicating a up trend, while the Relative Strength Index (RSI) is strongly bullish at 59.
• Immediate resistance is located at 0.6223(38.2%fib), any close above will push the pair towards 0.6261 (Aug 28th high).
• Support is seen at 0.6161 (50%fib) and break below could take the pair towards 0.6109(61.8%fib).
Recommendation: Good to buy around 0.6190 with stop loss of 0.6250 and target price of 0.6250
