NZD/USD meanders around 0.6820s ahead of Fed minutes By christianborjon NZDUSD Majors Macroeconomics UnitedStates Employment
US ADP Private Employment Report
Before Wall Street opened, Automatic Data Processing company reported that private payrolls in the US surged by 807K, doubled than the 400K foreseen by market participants. Meanwhile, October’s figures were revised lower from 534K to 505K., which is expected to show that the US economy created 400K new jobs, higher than the 210K reported in December. The Unemployment Rate is expected to improve also, from 4.2% down to 4.1%.
The NZD/USD daily chart depicts the pair as downward biased. The daily moving averages reside above the spot price, with the 50-DMA intersecting the 38.2%level, drawn from October’s 2021 cycle highs, down to December’s 2021 lows, around 0.6899-0.6905. The NZD/USD first resistance would be the R1 daily pivot at 0.6834. A breach of the latter would expose the January 3 daily high at 0.6856, followed by the confluence of the 38.2% Fibonacci level and the 50-DMA around 0.6899-0.6905.
On the flip side, the NZD/USD bull’s first line of defense would be the confluence of the 100 and the 200-hourly simple moving averages around 0.6814-16. A break under that zone would expose the daily pivot at 0.6799, followed by the S1 daily pivot point at 0.6774.
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