The New Zealand Dollar (NZD) rose against the U.S. dollar this morning. The pair’s price is simultaneously marked bullish candle on a graph with a price increase of more than 0.6500 As far as the technical bias is concerned, it could stay bullish as the price impacted a lower high in the graph during the last downside move
NZDUSD: Technical Analysis
The NZDUSD is being asked for the price around 0.6584., with a few resistance the price may face first resistance while moving upside near 0.6768, trend line resistance ahead of 0.6800, the psychological number and then the high of July 22, 2019, may stick the price near 0.6807 as shown in the graph below.
Speaking about the downside, the price should hit a support level close to 0.6500, the key horizontal support level that can prevent the price from dropping further, ahead of 0.6427, the 32.8 percent fib level support and then comes to 0.6399, the trendline support that can serve as a strong support level that can enable the price to hold around the current level as shown in the graph
New Zealand Participation Rate
From the fundamental point of view, the participation rate of Statistics New Zealand rose by 70.4% compared to 70.3% last month. This is the percentage of the total number of people aged 15 and over who are in the workforce (either employed or looking for a job). Generally, high readings for NewZealand are considered bullish
The NZDUSD pair highlighting the bullish trend so that it can be profitable to trade the pair around current levels for both short and long-term positions.