NZD/USD consolidates above the descending  channel’s resistance on broad dollar weakness. The US jobs data was mixed while the strong jobs growth was outweighed by the disappointing unemployment. NZD/USD has started out the week in consolidation of the bullish extension beyond the descending channel’s resistance where the US dollar and bond yields fell in response to the June employment report and soft wages growth. The bird is oscillating at 0.6840 at the time of writing. The US jobs data was mixed while the strong jobs growth was outweighed by the disappointing unemployment and earnings numbers that sent the greenback lower across the board. At the same time, US stocks rallied while helped the bulls case for a break onto the 0.68 handle. The headlines read as 213k vs the expected 195k while the May level was revised higher to 244k (from 223k although average hourly earnings only rose by 0.2% m/m, remaining at 2.7% y/y vs the expected 0.3% and 2.8%. Further to go in the near-term “The kiwi’s positioning-related retracement continued late last week and it has popped back over 68 cents. It could very well have further to go in the near-term, although it is approaching levels that we’d start to consider fading,” analysts at ANZ Banking Corporation explained. Now that the US payrolls is out of the way, markets seem to be looking to take this opportunity to dial back on USD longs.   NZD/USD levels 0.6770 is the key support while 0.6850 remains as the first key upside target to break. A break there would alleviate the downside pressures some more and eyes remains towards 0.6920. However, on the wide, while below the key 200-month moving average resistance at 0.7007 longer term technicals remain bearish. 0.6786 is where the 10-D SMA is located, back in the descending channel, a few pips above last week’s closing daily stick’s low.  FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next No signs of stress in response to new US/China tariffs – TDS FX Street 4 years NZD/USD consolidates above the descending  channel's resistance on broad dollar weakness. The US jobs data was mixed while the strong jobs growth was outweighed by the disappointing unemployment. NZD/USD has started out the week in consolidation of the bullish extension beyond the descending channel's resistance where the US dollar and bond yields fell in response to the June employment report and soft wages growth. The bird is oscillating at 0.6840 at the time of writing. The US jobs data was mixed while the strong jobs growth was outweighed by the disappointing unemployment and earnings numbers that sent the greenback lower… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.