Chart - Courtesy Trading View
NZD/USD was trading 0.12% higher on the day at 0.6232 at around 06:05 GMT.
The pair has slipped lower from session highs at 0.6254, finds strong support at 200-DMA.
Bearish RSI divergence raises scope for weakness in the pair, break below 200-DMA will plummet prices.
Upbeat cues from the release of the Automatic Data Processing (ADP) Employment Change on Thursday raise expectaions for stronger NFP data.
ADP reported a healthy improvement in the number of employment additions for December month to 235K vs. the expectations of 150K and the former release of 127K.
Analysts at Goldman Sachs expect US Nonfarm Payrolls data at 225K+. The Unemployment Rate is seen unchanged at 3.7%.
Major Support Levels:
S1: 0.6219 (200-DMA)
S2: 0.6156 (Cloud top)
Major Resistance Levels:
R1: 0.6263 (5-DMA)
R2: 0.6287 (21-EMA)
Summary: NZD/USD poised for further downside. Watch out for break below 200-DMA for further weakness. Dip till daily cloud likely.
