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.
- NZD will likely struggle to break through 0.6700 in the near-term, but there is a possibility if U.S. employment reports tonight misses forecasts.
- 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 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)
