NZD/USD edges higher to 0.7000 area after US ADP jobs report

NZD/USD is posting modest daily gains on Wednesday.
US Dollar Index continues to move sideways above 93.00.
Private sector employment in US increased by 517,000 in March.

Eren Sengezer FXStreet

The NZD/USD pair extended its rebound and touched a daily high of 0.7005 in the early trading hours of the American session. As of writing, the pair was trading at 0.6997, rising 0.22% on a daily basis.

ADP employment data fails to boost USD

The monthly data published by the Automatic Data Processing (ADP) Research Institute showed on Wednesday that employment in the US private sector rose by 517,000 in March. Although this reading came in lower than the market expectation of 550,000, it was still a big improvement from February's increase of 176,000.

Nevertheless, the greenback showed no immediate reaction to this data and the US Dollar Index (DXY) was last seen posting small daily losses at 92.23.

Later in the day, the ISM Chicago's Purchasing Managers' Index data for March and February Pending Home Sales will be looked upon for fresh impetus. Additionally, US President John Biden will unveil the $2 trillion infrastructure plan at 2020 GMT.

In the meantime, the S&P 500 Futures are up 0.16% on the day, suggesting that the DXY could have a tough time regaining its traction if Wall Street's main indexes start pushing higher in the second half of the day.

On Thursday, the only data release from New Zealand will be Roy Morgan Consumer Confidence Index for March.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.6998
Today Daily Change	0.0015
Today Daily Change %	0.21
Today daily open	0.6983

Trends
Daily SMA20	0.7126
Daily SMA50	0.7189
Daily SMA100	0.7129
Daily SMA200	0.6875

Levels
Previous Daily High	0.7034
Previous Daily Low	0.6972
Previous Weekly High	0.7183
Previous Weekly Low	0.6943
Previous Monthly High	0.7466
Previous Monthly Low	0.7135
Daily Fibonacci 38.2%	0.6996
Daily Fibonacci 61.8%	0.7011
Daily Pivot Point S1	0.6959
Daily Pivot Point S2	0.6934
Daily Pivot Point S3	0.6896
Daily Pivot Point R1	0.7021
Daily Pivot Point R2	0.7059
Daily Pivot Point R3	0.7084

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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