NZD/USD has been quite corrective being resided at the edge of support area at 0.6800. New Zealand has posted some downbeat economic reports recently, which led the currency to lose some grounds against USD. Today NZ Manufacturing Sales report was published with decrease to 0.5% from the previous value of 3.4%. However, it did not quite affect the currency and USD has not been able to dominate by now. On the USD side, today the Average Hourly Earnings report is going to be published which is expected to increase to 0.3% from the previous value of 0.0%. Besides, the Non-Farm Employment Change is expected to decrease to 198k from the previous figure of 261k and the Unemployment Rate is expected to be unchanged at 4.1%. Along with these high impact economic reports, USD Prelim UoM Consumer Sentiment report is going to be published which is expected to have a slight increase to 99.0 from the previous figure of 98.5. The Final Wholesale Inventories report is expected to be unchanged at -0.4% and the Prelim UoM Inflation Expectations is expected to have a better result over the previous value of 2.5%. As of the current scenario, if the US high-impact reports are published with better than expected results today, then we might see another impulsive move downward which is expected to create new lows in the coming days. This scenario is speculated to be more probable now.

Now let us look at the technical view. The price is being held by the dynamic level resistance of 20 EMA which is showing that further bearish move is on the way. Inside the range between 0.68 to 0.70 area the recent lower highs indicate a pre-breakout structure where the price is found to be more probable to break below the 0.6800 support area towards 0.6700 and later towards 0.65 support area in the future. As the price remains below the dynamic level, the bearish pressure is expected to continue further.