Forex Trading: NZDUSD Technical Analysis – November 11, 2019

The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Monday,  increasing the price of NZDUSD to more than 0.6300. The price of the pair increased 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 0.6360, the immediate trendline resistance,  that may cause an obstacle in the path of shifting it further from this level may be seen around 0.6400, ahead of 0.6426,  the 38.2% Fib level resistance, and then at 0.6496, the significant horizontal resistance as demonstrated in the given below graph.

NZDUSD

Talking to the downside, Immediate trendline support that prevents it from falling can be seen around 0.6316 ahead of  0.6300, the psychological number and after that at 0.6203, the major horizontal support, as demonstrated in given above graph. The technical bias may remain bearish as long as 0.6426, the major horizontal resistance stays unchanged.

NZD GDT Price Index

The figure for the Global Dairy Trade in the NewZealand increased to 3.7 percent this month, up beating the economist expectation of 1.9 percent, and also from the month before the index of 0.5 percent. The data comes from the news published by the Global Dairy Trade.

The GDT Price Index uses a weighted-average of the percentage changes in prices. GDT Price Indices are used to avoid the bias of a simple weighted average price, and to give a more accurate reflection of the price movements between trading events.

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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