Forex Trading: NZDUSD Technical Analysis – November 07, 2019

The New Zealand Dollar (NZD) on Thursday slid down against the US Dollar (USD), decreasing NZDUSD’s price to less than 0.6400. The pair’s price has fallen following the release of major economic news. Despite the pair’s price movement over the past few days, it is assumed that the technical bias will stay bearish as the pair’s price is higher low in the recent upside move

NZD/USD Technical Analysis

As of this writing, the pair is traded around 0.6344, immediate trendline support can be witnessed around 0.6345, which prevents the price from further backing. Another support maybe around 0.6303, the 61.8% Fib level and then 0.6203, the key horizontal support as shown in the chart below.

NZDUSD

Coming towards the upside, At the 38.2% Fib level resistance may be seen around 0.6481, a while later a trendline resistance of  0.6981 comes, and then at 0.6940, major horizontal resistance is observed as demonstrated in the given above chart. The technical bias may remain bearish as long as 0.6481, the major horizontal resistance remains unchanged.

USD Labour Force Participation Rate

In the United States, the Labor Force Participation Rate rose to 63.3%this month as compared to the previous month and the economist’s expectation of 63.2%. The data is released from the Labor Statistics Bureau.

The rate of participation is the percentage of the total number of people in the labor force population (either working or looking for a job).

Trade Idea

Considering the pair’s overall price activity over the past couple of days, short to medium term selling the NZDUSD around current levels can be a good decision.

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