NZD/USD Stuck in Range Ahead of US NFP Report
The NZD/USD pair is struggling to gain traction as traders await the US Nonfarm Payrolls (NFP) report. Geopolitical uncertainties and bets for a US Federal Reserve rate hike are supporting the safe-haven USD, capping the upside for the pair.
Despite this, the bullish technical setup remains intact, with the NZD/USD pair holding above the 0.5860 level. This is partly due to the Reserve Bank of New Zealand's (RBNZ) hawkish tilt, which continues to underpin the Kiwi.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators suggest a consolidative tone rather than a strongly trending market. However, the NZD/USD pair maintains a mildly bullish near-term bias, with any further slide likely to attract buyers near the 0.5868 area.