NZD/USD extends daily rally, closes in on 0.7100 ahead of US data

Upbeat employment data from New Zealand boosts NZD on Wednesday.
US Dollar Index continues to fluctuate around 92.00 for the third straight day.
Focus shifts to ADP Employment Change and ISM Services PMI data from US.

Eren Sengezer FXStreet

After closing in the positive territory on Tuesday, the NZD/USD pair gained traction during the Asian trading hours on Wednesday and reached its highest level in nearly a month at 0.7084. As of writing, the pair was up 0.88% on the day at 0.7076.

NZD capitalizes on strong labour market report

The impressive jobs report from New Zealand provided a boost to the NZD. Statistics New Zealand reported on Wednesday that the Unemployment Rate declined to 4% in the second quarter from 4.6% in the first quarter. Additionally, the Employment Change in the same period rose by 1% on a yearly basis, surpassing the market expectation for an increase of 0.7%.

On the other hand, the US Dollar Index continues to move sideways around 92.00 for the third straight day on Wednesday, allowing the kiwi's market valuation to drive NZD/USD's action.

Later in the session, the ADP Employment Changed and the ISM Services PMI data from the US will be looked upon for fresh impetus. In the meantime, S&P Futures are posting small daily losses, suggesting that the USD could continue to stay resilient against its rivals if the market mood remains cautious in the second half of the day.

Technical levels to watch for

NZD/USD

Overview
Today last price	0.7078
Today Daily Change	0.0060
Today Daily Change %	0.85
Today daily open	0.7018

Trends
Daily SMA20	0.6977
Daily SMA50	0.7059
Daily SMA100	0.7101
Daily SMA200	0.7097

Levels
Previous Daily High	0.702
Previous Daily Low	0.6964
Previous Weekly High	0.7022
Previous Weekly Low	0.6902
Previous Monthly High	0.7106
Previous Monthly Low	0.6881
Daily Fibonacci 38.2%	0.6999
Daily Fibonacci 61.8%	0.6985
Daily Pivot Point S1	0.6981
Daily Pivot Point S2	0.6945
Daily Pivot Point S3	0.6925
Daily Pivot Point R1	0.7037
Daily Pivot Point R2	0.7057
Daily Pivot Point R3	0.7093

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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