NZD/USD: Accumulation phase above 0.78

FXStreet (Bali) - NZD/USD has settled above the 0.78 handle, following another stellar performance by the Kiwi on Thursday, ending for the third consecutive day as the top performer currency ahead of the much-awaited US NFP report later on Friday.

Buyers have run the price up in a 3-wave cycle (hourly standpoint) from 0.7720 lows, with the 2-day intraday rally netting over 1 cent, reaching its highest at 0.7830. The rate is now likely to enter an accumulation phase, with the 0.78-0.7830 box probably being used as a reference for the Asian session today. The NZD is likely to play catch up via AUD performance, with this latter awaiting Aus retail sales at 00.30GMT.