FxWirePro: NZD/USD ticks up as dollar weakens ahead of U.S. payrolls

• NZD/USD ticked up on Friday as the U.S. dollar softened ahead of August payrolls data.

• U.S. payrolls data is expected to show 78,000 jobs added in August, up from 73,000 the prior month

• Markets will watch the data closely, as it may guide the Fed’s next move, with expectations firm for a rate cut later this month.

• NZD/USD  has been on the defensive since the Reserve Bank of New Zealand cut rates to 3.0% last month and flagged further easing was needed to actively stimulate a sluggish economy.

• The RBNZ is projected to deliver two more cuts, driving the cash rate to 2.50%, its softest level since mid-2022.

•  Immediate resistance is located at 0.5888(SMA 20), any close above will push the pair towards 0.5907(38.2%fib).

•  Support is seen at 0.5813(61.8%fib)and break below could take the pair towards 0.5787(Lower BB).

 Recommendation: Good to sell around 0.5870 with stop loss of 0.6630 and target price of 0.5820