Daily Flux Report

FxWirePro: NZD/USD recovers slightly but trend is still bearish - EconoTimes


FxWirePro: NZD/USD recovers slightly  but trend  is still bearish - EconoTimes

* NZD/USD edged higher on Thursday as greenback eased slightly following Wednesday's mixed US economic data.

* The greenback eased slightly as Wednesday's data did not shake expectations of an interest rate cut later this month.

* Private payrolls in the United States climbed at a steady rate in November, but they fell short of forecasts, while yearly earnings for workers who stayed at their positions rose for the first time in 25 months.

*At the same time, U.S. services sector activity slowed in November after registering significant improvements in recent months.

* Immediate resistance is located at 0.5902(38.2%fib), any close above will push the pair towards 0.5958 (50%fib).

* Support is seen at 0.5834(23.6%fib) and break below could take the pair towards 0.5799(Lower BB).

Recommendation: Good to sell around 0.5920, with stop loss of 0.6050 and target price of 0.5830

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