NZD/USD: can't catch a bid as greenback takes flight, despite OPEC deal confirmed

Currently, NZD/USD is trading at 0.7076, down -0.70% on the day, having posted a daily high at 0.7172 and low at 0.7070.

NZD/USD has continued to sell-off, despite the price of oil rallying over 9% on the back of the OPEC agreement and recent confirmations.

Oil rallies 9% on OPEC accord to cut production finally reached, confirmed by Al-Sada

The greenback is well bid on its own accord given the likelihood of a Fed hike and the government spending in 2017 under a Trump presidency and today's data that is underpinning the notion of a Fed hike in December as we now await the nonfarm payrolls report on Friday.

If the much better than expected ADP report today is anything to go by as a prelude, a decent nonfarm payrolls, (NFP, where current market expectation is pointing to 174K new jobs in November as compared to October's 161K), might just be the nail on coffin that seals the deal for the Fed to go ahead and hike rates for the first time in 12 months and the second time in over a decade since the financial crash and subsequent monetary policy measures implemented under Bernanke's term as Fed chairman.

NZD/USD levels

Current price is 0.7077, with resistance ahead at 0.7084 (Daily Classic S1), 0.7097 (Weekly Classic R1), 0.7109 (Daily Classic PP), 0.7109 (Daily 20 SMA) and 0.7125 (Daily Open). Next support to the downside can be found at 0.7072 (Hourly 100 SMA), 0.7070 (Daily Low), 0.7066 (Yesterday's Low), 0.7054 (Hourly 200 SMA) and 0.7041 (Daily 200 SMA).