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NZD/USD sitting in a range above 0.83 ahead of US data

FXStreet (Moscow) - NZD/USD is trading at 0.8323, mostly unchanged on the day; the pair's movements are limited by daily high at 0.8330 and low at 0.8315.

All is not lost

Kiwi did a good job on Wednesday and recovered above 0.8300 pivot by the end of the day. The movement was caused by USD weakening across the board ahead of the major event of the week - August Non-Farm Payrolls, published on Friday. NZD/USD continues to move within a clearly defined bearish trend, but a short-period of consolidation above the said pivot may be on cards now. The New Zealand macroeconomic calendar is empty today, so the main NZD/USD drivers could come from US where Non-Manufacturing ISM and ADP employment numbers are published. These reports have a good market moving potential as they are used as a guide for NFP report.

What price levels and patterns have to be considered?

Current price is 0.8324, with resistance ahead at 0.8330 (Daily High), 0.8334 (Yesterday's High), 0.8345 (Daily Classic R1) and 0.8349 (Hourly 100 SMA).

Strong support to the downside can be found at 0.8316/15 (with a cluster of technical levels).

Looking at price patterns, we can see a Doji 1-hour candlestick formation, .

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