NZD/USD searching for 0.7050 in the early session

• Kiwi rebounds against a receding Dollar, but the hole is still deep.
• RBNZ policy meeting next week is already expected to change little.

The NZD/USD managed a bounce and is trading near 0.7040 after the Kiwi managed to stage a correction against the Greenback, which has been hammering the NZD since mid-April.

Today will be bringing the Reserve Bank of New Zealand's (RBNZ) Inflation Expectations at 02:00 GMT for the first quarter, which last came in at 2.1%. On the US side, the focus will be entirely on Non-Farm Payrolls, dropping at their usual time of 12:30 GMT.

Further adding to the Dollar's walkback in Thursday's action was the US trade balance, which shifted more than expected and came in at minus $49.0 Billion versus $50.0 billion forecast in March while the US initial jobless claims, in the week ending April 27, came in above expectation at 211K against 225K expected by analysts.

NZD/USD levels to watch

As FXStreet's own Flavio Tosti noted earlier about the Kiwi's technical outlook: "The main trend is bearish and support is seen at 0.6986 cyclical low and at 0.6822 swing low while resistance is seen at 0.7050 figure and 0.7096 swing high."