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
|Latest price today
|Today I change daily
|Today’s daily variation
|Today’s daily opening
|Previous daily high
|Previous daily low
|Previous weekly high
|Previous weekly low
|Previous Monthly High
|Previous monthly low
|Daily Fibonacci 38.2
|Fibonacci 61.8% daily
|Daily Pivot Point S1
|Daily Pivot Point S2
|Daily Pivot Point S3
|Daily Pivot Point R1
|Daily Pivot Point R2
|Daily Pivot Point R3
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.