Forex Trading: NZDUSD Technical Analysis – October 10, 2019

The New Zealand Dollar (NZD)  acknowledged against the US Dollar (USD) on Thursday,  expanding the price NZDUSD to more than 0.6300. The price of the pair expanded after major monetary news releases. Considering the movement of the price of the pair throughout the most recent couple of days, it is foreseen that the technical inclination may stay bearish on the grounds that the pair’price denoted a higher low in the recent upside move.

NZD/USD Technical Analysis

As of this writing, the pair is being traded around 0.6315, a major horizontal resistance may be seen around 0.6368,  ahead of 0.6442, the trendline resistance and then at 61.8% Fib level resistance of 0.6469, which provide hurdles in the path of increasing price further, as demonstrated in the given chart.

NZDUSD

Coming towards the downside, At 23.6% Fib level, support can be seen around 0.6261 which give it backing to fall the price further. Another trendline support may come around 0.6256,  and afterward a short time later at 0.6203, the key horizontal support has appeared in the given above graph. The technical bias may remain bearish as long as 0.6368, the major horizontal resistance remains intact.

USD Initial Jobless Claims

In the United States, the figure with respect to the initial jobless claim remained 213.75K in October, as compared to 212.75K during the month before, The data is copied from the news released by the Department of Labor, United States.

This marker estimates the normal number for the last four arrivals of the Initial Jobless Claims, which are released each Thursday. It is distributed by the US Department of Labor as a proportion of the number of individuals documenting first-time claims for state joblessness protection. It gives a proportion of solidarity in the work advertise. An expanding pattern in this number shows shortcomings in this market which impacts the quality of the US economy. As a rule, a decreasing pattern ought to be taken as positive or bullish for the USD.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying the NZDUSD around current levels can be a good decision in the short to medium term.

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