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NZD/USD looks vulnerable, near 1.6120 support

New Zealand Dollar rebound failed at 1.6175.
The Dollar remains on the rise awaiting the ADP report.
The NZD/USD pair is forming an H&S pattern with the neckline at 1.6120.

He New Zealand Dollar remains unable to significantly distance itself from the 1.6120 support level tested on Tuesday, with bullish attempts limited below 0.6175 so far.

ADP employment in the US in the spotlight

Moderate risk appetite favors the Kiwi, although a rally in US Treasury yields keeps the Dollar higher on Wednesday ahead of the release of the US ADP employment report.

Tuesday’s data offered a mixed picture, with the US ISM showing better-than-expected readings, although JOLTs job postings confirmed that the labor market is cooling.

From a technical point of view, the long-term recovery is losing strength, and the latest quotes are forming a head and shoulders pattern, which is usually a sign of a trend reversal.

The neck line of the aforementioned H&S is located at 0.6120, with the next support levels at 0.6050 and 0.6000. Resistances are located at 0.6220 and 0.6340.

Technical levels to monitor

NZD/USD

Overview
Latest price today 0.6155
Today I change daily 0.0027
Today’s daily variation 0.44
Today’s daily opening 0.6128
Trends
daily SMA20 0.6042
daily SMA50 0.5963
SMA100 daily 0.5983
SMA200 daily 0.6089
Levels
Previous daily high 0.6175
Previous daily low 0.6125
Previous weekly high 0.6208
Previous weekly low 0.606
Previous Monthly High 0.6208
Previous monthly low 0.5788
Daily Fibonacci 38.2 0.6144
Fibonacci 61.8% daily 0.6156
Daily Pivot Point S1 0.611
Daily Pivot Point S2 0.6093
Daily Pivot Point S3 0.606
Daily Pivot Point R1 0.616
Daily Pivot Point R2 0.6193
Daily Pivot Point R3 0.621

Source: Fx Street

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