The US dollar index (USDX) is trading near 98.50 amid heightened volatility driven by President Trump's comments. Friday’s labor market data saw a massive revision of -221,000 jobs across key sectors, prompting the president to publicly criticize the Bureau of Labor Statistics (BLS) and dismiss Commissioner Erica McEntarfer over alleged report manipulation.

Technical Analysis: Support and Resistance Levels

NZD/USD is trading just below the ascending channel support (dynamic range 0.6200–0.5950). Technical indicators are issuing fresh sell signals: fast EMAs on the Alligator indicator are diverging further from the signal line, and the Awesome Oscillator histogram is printing new corrective bars below the zero level.

  • Resistance: 0.5960, 0.6070
  • Support: 0.5860, 0.5710
The NZD/USD pair is correcting near 0.5917, pressured by a broad pullback in the US dollar and soft data from New Zealand. Investors are digesting the latest building permits report from Stats NZ: seasonally adjusted permits fell by 6.4% in June after a prior 10.0% rise. For the year ending in June, total consents increased by 1.0% to 33,979, while non-residential construction value dropped 0.9% to $9.0 billion NZD. Among 2,627 new residential units approved, 1,302 were standalone homes, 1,169 were townhouses, 116 were apartments, and 40 were retirement units—figures now back to 2018–2020 averages and still well below the 2022 peak. The US dollar index (USDX) is trading near 98.50 amid heightened volatility driven by President Trump's comments. Friday’s labor market data saw a massive revision of -221,000 jobs across key sectors, prompting the president to publicly criticize the Bureau of Labor Statistics (BLS) and dismiss Commissioner Erica McEntarfer over alleged report manipulation. Technical Analysis: Support and Resistance Levels NZD/USD is trading just below the ascending channel support (dynamic range 0.6200–0.5950). Technical indicators are issuing fresh sell signals: fast EMAs on the Alligator indicator are diverging further from the signal line, and the Awesome Oscillator histogram is printing new corrective bars below the zero level. Resistance: 0.5960, 0.6070 Support: 0.5860, 0.5710 NZD/USD: Key support and resistance for this week NZD/USD Trading Scenarios (Weekly Timeframe) Main scenario (Sell Stop): Entry: 0.5860 Take Profit: 0.5710 Stop Loss: 0.5930 Time horizon: 7+ days Alternative scenario (Buy Stop): Entry: 0.5960 Take Profit: 0.6070 Stop Loss: 0.5900 Key levels to watch: 0.5710, 0.5860, 0.5960, 0.6070 Outlook A sustained move below 0.5860 would confirm bearish momentum and open the door for a test of 0.5710. Alternatively, a rebound above 0.5960 could trigger a correction toward 0.6070. The broader outlook remains negative as technicals deteriorate and risk appetite is limited by US and NZ macro headwinds. Traders should monitor upcoming labor and housing data for fresh catalysts.NZD/USD: Key support and resistance for this week

NZD/USD Trading Scenarios (Weekly Timeframe)

  • Main scenario (Sell Stop):
    Entry: 0.5860
    Take Profit: 0.5710
    Stop Loss: 0.5930
    Time horizon: 7+ days
  • Alternative scenario (Buy Stop):
    Entry: 0.5960
    Take Profit: 0.6070
    Stop Loss: 0.5900
  • Key levels to watch: 0.5710, 0.5860, 0.5960, 0.6070

Outlook

A sustained move below 0.5860 would confirm bearish momentum and open the door for a test of 0.5710. Alternatively, a rebound above 0.5960 could trigger a correction toward 0.6070. The broader outlook remains negative as technicals deteriorate and risk appetite is limited by US and NZ macro headwinds. Traders should monitor upcoming labor and housing data for fresh catalysts.