FXstreet.com (Barcelona) - The NZD has been gradually bleeding Wednesday, since topping out at 0.8303 (October 2 high). Despite a brief recovery play as of late, the pair has fallen almost 90 pips since yesterday’s high to trade in the region of 0.8218, as the first of several economic indicators is released in the United States.
In the United States, the Automatic Data Processing (ADP) Employment Change was reported at 162K In September, beating against consensus estimates of 143K and compared with 189K in the previous month.
“The NZD/USD failed to hold above its linear regression indicators and the stochastic entered a downside wave once again. The resistance area of 0.8355 turned into a critical intraday barrier that can help the pair form the Double Top pattern, which will be activated with the breach of 0.8185 support and stability below it. As such, we will turn away from our positive outlook for now and expect a downside correction.” wrote the Technical Analyst Team at ICN.com.
In these moments, the cross is suffering from a -0.67% decline off its opening price. ICN.com analysts point towards the next supportive measures at 0.8200, 0.8160, and finally 0.8135. In the event of a retracement or recovery-oriented movement, the pair will meet resistance at 0.8255, followed by 0.8310, and 0.8355.
In the United States, the Automatic Data Processing (ADP) Employment Change was reported at 162K In September, beating against consensus estimates of 143K and compared with 189K in the previous month.
“The NZD/USD failed to hold above its linear regression indicators and the stochastic entered a downside wave once again. The resistance area of 0.8355 turned into a critical intraday barrier that can help the pair form the Double Top pattern, which will be activated with the breach of 0.8185 support and stability below it. As such, we will turn away from our positive outlook for now and expect a downside correction.” wrote the Technical Analyst Team at ICN.com.
In these moments, the cross is suffering from a -0.67% decline off its opening price. ICN.com analysts point towards the next supportive measures at 0.8200, 0.8160, and finally 0.8135. In the event of a retracement or recovery-oriented movement, the pair will meet resistance at 0.8255, followed by 0.8310, and 0.8355.
