Forex Trading: NZDUSD Technical Analysis – January 23, 2020

Today the New Zealand Dollar (NZD) inched higher itself against the U.S. Dollar (USD), This is because of today’s major economic favorable news, Although the NZDUSD price movement is not positive since the end of last month, it has also been found that the NZD is trying to recover itself, the bad news and levels of resistance do not allow it to. Hence, by printing the higher low wave in the last upside move, the technical bias remains bearish.

NZDUSD: Technical Analysis

At 0.6593, currently, the NZDUSD is being asked, and if the price moves forward, then it has to face the resistance at different intervals. there are instant resistances that may hit the price and might pull it toward the back, the first trendline resistance comes at 0.6615, soon after it, there is the Fibonacci level resistance of 0.6623, and then comers the major horizontal resistance 0.6755, as exhibited in the graph below.

NZDUSD

There are also the support levels, on the opposite side of the price. that gives the lift-up power to the price and hence provoke the light that NZDUSD soon get back its lost height. the first Fibonacci level is very quick to the price is at 0.6545, afterward, there is the confluence of trendline and major horizontal support of 0.6473, and then at 0.6414, there is another 61.8% of the Fib level.

NZD Global Dairy Trade

The GDT Price Index exceeded the economist forecast of-0.3 percent and recorded on January 23, 2020, at 1.7 percent, which is released by Global Dairy Trade, using a weighted average of the percentage price changes. GDT Price Indices are used to avoid the biases of a simple weighted average price and to provide a more accurate reflection of price movements between trade events.

Trade Idea

The NZDUSD endures on its bad period for more than 3 weeks, so doing the trading at this point might not work so there’s the best way to avoid investing.

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