NZD/USD still bid despite pending rate cut

Currently, NZD/USD is trading at 0.7329, down -0.12% on the day, having posted a daily high at 0.7341 and low at 0.7328.

NZD/USD extended yesterday's rally when the bird was bid on the supportive news in the New Zealand jobs data and dairy auction, extending its rally from 0.7200 to 0.7310, while today with the continuation of softness in the greenback, down by 0.3% overnight in DXY, the bird maintains its perch as we head towards key data in the nonfarm payrolls  event. "US payrolls are expected to rise 180k in Oct (consensus 175k). The ADP series released earlier does suggest downside risks though. Unemployment should edge down to 4.9%," suggested analysts at Westpac.

NZD/USD levels

"NZD/USD 1-3 month:  Targets 0.6950 or lower as long as the RBNZ cuts to 1.75% in November and the Fed tightens to 0.625% in December, as we expect," - Westpac

Meanwhile, spot is presently trading at 0.7330, and next resistance can be seen at 0.7339 (Monthly High), 0.7339 (Weekly High), 0.7339 (Daily Open), 0.7341 (Daily High) and 0.7341 (Daily Classic R1).  Support below can be found at 0.7328 (Daily Low), 0.7316 (Hourly 20 EMA), 0.7279 (Yesterday's Low), 0.7275 (Weekly Classic R3) and 0.7260 (Daily Classic PP).