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NZD/USD below 50% fib ahead of US ADP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The NZD/USD fell below 0.6663 (50% of 0.6897-0.6428) ahead of the monthly private sector employment report in the US.

    NZD down on profit taking

    The currency fell after two-day rally largely due to profit taking. World dairy prices bounced back with a small rise yesterday’s auction after three drops running on the Global Dairy Trade (GDT) commodity auction.

    The immediate focus now is on the US ADP report, which could show the private sector added 190K jobs in November.

    NZD/USD Technical Levels

    At 0.6655, the immediate resistance is seen at 0.6663 (50% of 0.6897-0.6428), above which the gains could be extended to 0.6718 (61.8% of 0.6897-0.6428). On the other hand, support is seen at 0.6645 (38.2% of 0.6236-0.6897).
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