NZD/USD clings to daily gains around 0.6650, eyes on US ADP jobs report


  • NZD/USD pair is clinging to modest daily gains on Wednesday.
  • US Dollar Index stays in the negative territory.
  • US' private sector is expected to add 1.5 million jobs in July.

The NZD/USD pair registered small daily gains on Tuesday and continued to push higher during the Asian session on Wednesday. Although the pair touched a fresh daily high of 0.6668 during the European trading hours, it struggled to preserve its momentum and went into a consolidation phase. As of writing, NZD/USD was trading at 0.6650, gaining 0.43% on a daily basis.

Upbeat labour market data from New Zealand boosts kiwi

Easing geopolitical tensions between the US and China helped the China-sensitive kiwi gather strength on Wednesday. More importantly, the data published by Statistics New Zealand revealed that the Unemployment Rate in the second quarter fell from 4.2% to 4% and came in much better than the market expectation of 5.8%. 

On the other hand, the USD's dismal performance amid slumping Treasury bond yields on Tuesday helped NZD/USD gain traction. Despite a strong rebound witnessed in the US T-bond yields on Wednesday, the US Dollar Index stays in the negative territory below 93.

In the early trading hours of the American session, the ADP will release the private sector's jobs report. Markets expect the ADP employment Change to arrive at 1.5 million in July. Previewing this data, “if ADP is as expected or worse the dollar’s weakness will be reinstated," said FXStreet analyst Joepsh Trevisani. "If the anticipated slowdown in hiring does not occur, short dollar positions will suddenly be a good deal less valuable."

Technical levels to watch for

NZD/USD

Overview
Today last price 0.6653
Today Daily Change 0.0031
Today Daily Change % 0.47
Today daily open 0.6622
 
Trends
Daily SMA20 0.6609
Daily SMA50 0.6505
Daily SMA100 0.6253
Daily SMA200 0.636
 
Levels
Previous Daily High 0.6627
Previous Daily Low 0.6589
Previous Weekly High 0.6716
Previous Weekly Low 0.6619
Previous Monthly High 0.6716
Previous Monthly Low 0.644
Daily Fibonacci 38.2% 0.6612
Daily Fibonacci 61.8% 0.6604
Daily Pivot Point S1 0.6599
Daily Pivot Point S2 0.6575
Daily Pivot Point S3 0.6561
Daily Pivot Point R1 0.6637
Daily Pivot Point R2 0.6651
Daily Pivot Point R3 0.6675

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD trades at fresh September lows

Risk-aversion is the main theme this Monday, amid resurgent coronavirus cases in the Old Continent and the announcement of  new lockdowns. ECB’s Lagarde said the economic recovery in the EU is “very uncertain, uneven and incomplete.”

EUR/USD News

GBP/USD extends slump sub-1.2800

The Pound plunged on a dismal market mood, as PM Johnson acknowledged the kingdom is undergoing a second coronavirus wave. GBP/USD trades at one-week lows around 1.2800.

GBP/USD News

XAU/USD bullish bias starting to fade

Gold prices are testing the bull's commitments at the support structure around $1,906 in what could be a final test before the next leg higher of the bullish trend.

Gold News

Bitcoin needs to defend critical support level at $10,600

Bitcoin was trading inside an ascending triangle pattern between September 3 and September 15, which is created when the price establishes higher lows and a horizontal trendline around the swing highs. 

Read more

WTI plummets to $39, down more than 4%

Crude oil prices closed the previous week sharply higher but erased a large portion of those gains on Monday. As of writing, the barrel of West Texas Intermediate was down 4.2%, the biggest daily percentage decline in nearly two weeks, at $39.15.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures