The New Zealand dollar (NZD) rose against the US dollar (USD) on Monday, increasing the price of the NZD/USD currency pair to more than 0.7200 ahead of the release of US ADP Employment Change News and ISM Services PMI.

First, Automatic Data Processing, Inc, plans to release numbers concerning US ADP Employment Change news on Wednesday. According to economists’ view, the US ADP employment change news registered a reading of 177K in February, as compared to the 174K in the month before. 

The US ADP employment change stats reflect the change in the strength of people having jobs over the period under consideration. The US ADP employment data is an important economic indicator since it reveals the purchasing power of consumers as well as the purchasing trends of consumers in the coming days. 

Second, the Institute for Supply Management (ISM) plans to release the ISM Markit Manufacturing on Wednesday, February 03, 2021. According to economists, Markit Manufacturing might register the reading of 58.7 in February, while bearing no change as compared to a month before data. 

The Institute for Supply Management (ISM) Manufacturing Index demonstrates market conditions in the US manufacturing sector. It is a predictor of the overall economic situation in the US. A result above 50 is positive (or bullish) for the USD, while a reading below 50 is negative (or bearish).

The NZD/USD is currently strong at 0.7299, with the aid of maximum support levels, which not only pushes the pair up but also keeps it protected from the back up of the pair’s price.

Conclusion

The technical bias might remain bullish for a while due to the higher high lift in the last upside price movement of the pair NZDUSD. 

Hence, here the selling opportunity would work better for the NZDUSD.