NZD/USD: stalling within the upward bull short-term channel

Currently, NZD/USD is trading at 0.7275, down 0.00% on the day, having posted a daily high at 0.7279 and low at 0.7274.

NZD/USD is consolidating the minor recovery and within the range of 0.7245-0.7293. The Kiwi was able to recover within the broader downtrend to a degree with the DXY dropping its furthest in a week, extending declines overnight after the lower-than-expected ADP jobs data.

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From data, the ADP survey showed that the private sector added 158K new jobs. This way below the expected 185K and has brought tomorrow's nonfarm payrolls expectations into question and thus the dollar dropped again. Not even the positive surprise in the final services PMIs could keep the bears at bay. This arrived at 57.4 and beat the expectations of 56.5. The Markit index jumped to 54.2 from an initial estimate of 53.0.All eyes now turn to the US nonfarm payrolls tomorrow while the bird appears to be stalling within the upward bull short-term channel.

NZD/USD levels

Resistance: 0.7299 July 4 high; 0.7345 July 3 high; 0.7376 Feb. 7 high; 0.7393 Nov. 9 high. Support: 0.7250 June 23 low; 0.7205/06 June 22/21 lows; 0.7186 June 15 low; 0.7150 June 5 high; 0.7127 June 6 low. On the wide, on a break below 0.7080/00 opens 0.6970.