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NZD/USD chart on Trading View used for analysis
- NZD/USD pauses downside at 200-DMA support, break below to see further weakness.
- The pair has retraced from highs at 0.6969 hit on Dec 4th. Doji formation at highs keeps scope for downside.
- RSI and Stochs have turned lower. Upside remains capped at 5-DMA.
- Markets eye U.S. Non-farm payrolls report later today at 13:30 GMT.
- Non-farm payrolls are expected to rise by 205,000 in November, down from the prior month's exceptional 250,000.
- The unemployment rate is predicted to remain at 3.7% and annual average hourly earnings to have increased 3 % last month as in October.
- Upbeat data could put a strong bid under the US dollar, hence adding to downside pressure on the pair.
- Break below 200-DMA could see downside till 110-EMA at 0.6741. Further weakness only on break below.
- Bounce off 200-DMA negates bearish bias. Resumption of upside and test of 0.6969 then likely.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
