• The February US Nonfarm Employment Payrolls Report disappointed as the unemployment ticks lower.

• NZD/USD Technical Perspective: Neutral-upwards, as NZD bulls rest and prepare for an attack on the 200-DMA.

At press time, the New Zealand dollar recorded the second-largest gain of the year with a rise of 1.04% in the North American session. A rally in the commodity market was triggered by factors such as high commodity prices due to the Russia-Ukraine conflict and the Russian army seizing the largest Russian nuclear plant. The NZD/USD is 0.6859 and does not reflect global market sentiment.

The US economic docket included the Nonfarm Payrolls report February before Wall Street opened data-wise. The US economy created 678K more jobs than was anticipated by analysts. However, the February print of 481K is lower than the January one. The unemployment rate fell to 3.8%, slightly lower than the estimates.

After the Fed's blackout, Fed speaking resumed as the March 15-16 meeting approaches. Charles Evans, Chicago Fed President, stated that he supports increases of 25 basis points in each meeting and that the jobs numbers have been "quite well" for some time.

Russia-Ukraine Updating

During the Asian session a fire at Ukraine's Zaporizhzhia Nuclear Power Plant was reported. This plant is the most affected by an attack by Russian troops. Initialy, Kuleba the Ukraine Foreign Minister confirmed the news. He warned that an explosion could be ten times more powerful than Chernobyl. The Ukraine emergency service reported late that the fire broke out beyond the perimeter. They also stressed that the safety at the nuclear power station was now guaranteed. According to regional authorities, Russian military forces have seized the Zaporizhzhia nuke power plant.

Week ahead economic information

The docket will contain medium-high data, data-wise. On March 10, the New Zealand economic docket will release the Business NZ PMI February. The US economic docket, across the pond from New Zealand, will reveal the Trade Balance, JOLTs Jobs Openings, Inflation and Michigan Consumer Sentiment.

NZD/USD price forecast: Technical outlook

Friday's rally in NZD/USD broke the 100-day Moving Average (DMA). If the pair closes above it daily, then a move towards 200-DMA could be possible. In this scenario, NZD/USD's first resistance would be the January 13th daily high at 0.6890. Brute of this would expose the 0.6930 mark and the 200-DMA at 0.6930.