Forex Trading: NZDUSD Technical Analysis – November 04, 2019

The New Zealand Dollar (NZD) slid down against the US Dollar (USD) on Monday,  decreasing the price of NZDUSD to less than 0.6500. The price of the pair decreased after major economic news released. The technical bias is foreseen as bearish in light of the fact that the pair’s price denoted a higher low in the recent upside move.

NZD/USD Technical Analysis

As of this writing, the pair is being traded around 0.6423, Immediate trendline support that prevents it from falling can be seen around 0.6381. Another support of 0.6341, 23.6% Fib level may come around and after that at 0.6203, the major horizontal as demonstrated in given below chart.

NZDUSD

Talking to the upside, the immediate horizontal resistance,  that might cause an obstacle in the path of shifting it further from this level may be seen around 0.6426, ahead of 0.6565,  the 61.8% Fib level resistance, and then at 0.6751, a trendline resistance as demonstrated in the given above chart. The technical bias may remain bearish as long as 0.6426, the major horizontal resistance stays unchanged.

USD Average Hourly Earnings

The figure for the Average Hourly Earnings in the United States is 0.2 percent, down this month with the economist expectation of 0.3 percent, but up from the month before the percentage, i.e. 0 percent. The data comes from the news published by the U.S. Labor Statistics Bureau.

The Average Hourly Earning released by the US Bureau of Labor Statistics is a significant indicator of labor cost inflation and of the tightness of labor markets. The Federal Reserve Board pays close attention to when setting interest rates. A high reading is also positive for the USD, while a low reading is negative.

Trade Idea

Given the pair’s general price activity over the last few days, it can be a decent choice in the short to medium term to sell the NZDUSD around current levels. Therefore, adhering to the financial calendar is probably not going to succeed, you also need to discover intermediaries with an exceptional level of influence so that you can find some advantage when exchanging your pair.

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