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NZD/USD struggles at 0.6700 handle, good to sell rallies

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
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NZD/USD is struggling to break through 0.6700, but there is a possibility if U.S. employment reports tonight misses forecasts. The Kiwi edged down against the US dollar to 0.6652 from a one-month high of 0.6706 set the previous session, on track to close the week with a weekly gain of 2.1 percent.

The euro's explosive rally sent the dollar index reeling to a one-month low. The index shed 2.1 percent on Thursday, its worst performance since March 2009.

But data on Thursday, showed that However, U.S. ADP data boded well for Friday's jobs report, easing concerns sparked by a soft U.S. manufacturing data on Tuesday. Hawkish comments from Yellen overnight also to keep the dollar supported.

NZD/USD has cleared cloud top resistance which was capping gains in the pair and is currently trading at 0.6683. 0.6702 (61.8 % Fibo 0.6897-0.6428 fall) is the next hurdle on the upside and cloud-top at 0.6662 is the immediate support on the downside.

Recommendation: We find it good to short rallies around 0.6700, SL: 0.6790, TP: 0.6660

Resistance Levels:

R1: 0.6702 (61.8 % Fibo 0.6897-0.6428 fall)

R2: 0.6789 (76.4 Fib of Oct-Nov slide)

R3: 0.6806 (Oct 26 high)

Support Levels:

S1: 0.6662 (Daily cloud top)

S2: 0.6658 (Hourly low Dec 3)

S3: 0.6608 (Session low Dec 3)
Trade closed: target reached

Comments

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