NZD/USD hits 0.7025 before falling again as NZ jobs report whips

• The Kiwi spiked, then tanked as the NZ job report delivers mixed results.
• Despite a strong employment rate, NZ's labor market continues to struggle to develop real wage growth.

The NZD/USD whipped in both directions on a mixed jobs report early in the Asia session, but the pair is still stuck to the 0.7000 handle.

The Kiwi went into the jobs report today already on a weak note after global dairy prices fell at the global dairy auction in Tuesday's session, and while the New Zealand unemployment rate shifted lower to 4.4% (exp. 4.5, prev. 4.5) and employment change figures also bumped higher to 0.6% (exp. 0.4, prev. 0.5), wage growth slumped with the quarterly labor cost index only rising by 0.3% instead of the expected 0.4, as well as New Zealand's first-quarter participation rate moving lower than expected to 70.8% versus the forecast 70.9.

NZD/USD levels to watch

Despite today's temper tantrum following the Kiwi's jobs report, the technical outlook for the NZD remains unchanged, and as FXStreet's own Ross Burland noted earlier, "the 200-W SMA is being tested here at 0.6980. Despite last week's closing bull hammer on the daily sticks, technically, there is still a bearish bias now that a new low has been set accompanied with the RSIs biased to the downside as well. Support is at 0.6880 and resistance is at 0.7050 and 0.7180 on the wide."