The New Zealand Dollar (NZD) inched higher against the US Dollar on Tuesday, the increase leads the price to more than 0.6600, followed by a piece of the major economic release. The technical bias might also remain bullish due to the lower higher printed on the graph during the last downside move.
NZDUSD: Technical Analysis
As of now, the NZDUSD is being exchanged for a price near 0.6602. The price is likely to observe resistance around 0.6632, it’s an immediate trend line resistance that may not allow the price to pass through it. Then another resistance level may stop the price from moving upside near 0.6700, the psychological number and then 0.6787, the high of July 22, 2019, which may push back the price towards downside as shown in the graph below.
On the other hand, a support level may also be seen around 0.6564, the major horizontal support level. There is s strong chance that the price may get a reversal towards upside after meeting this point. However, if the price is able to pass through the said level it may then receive support near 0.6425, the 61.8 % Fib level and then 0.6276, the trend line resistance comes into play helping the price to sustain around the current level as shown in the graph above.
NZD Westpac Consumer Survey
From a fundamental point of view, the news that significantly impacts the price increase of the pair is Confidence index, an indicator of customer or company mood, released by Westpac New Zealand, which dramatically increases its figure on 103.1 to 109.9, typically based on a survey in which respondents rate their views on various issues about current and future economic conditions.
The NZDUSD is steadily leading its move towards a bullish trend, opening up its trade to both short and long-term traders.