The New Zealand Dollar (NZD) deteriorate against the US Dollar (USD) on Monday, decreasing the price of NZDUSD to less than 0.6400. The price of the pair decreased after major financial news released. The technical bias is foreseen as bearish in light of the fact that the pair’s value denoted a higher low in the recent upside move.
NZD/USD Technical Analysis
As of this writing, the pair is being traded around 0.6312, At 38.2% Fib level support which prevents it from falling can be seen around 0.6298. Another trendline may come around 0.6275 and after that 0.6261, the significant horizontal support appears in the given below chart.
On the upside, the immediate key horizontal resistance, that may cause an obstacle in the path of moving it further from this level may be seen around 0.6342, ahead of 0.6427 the 38.2% Fib level resistance, and then 0.6605, the trendline resistance level as demonstrated in the given above chart. ecThe technical bias may remain bearish as long as 0.6342, the major horizontal resistance remains intact.
NewZealand Global Dairy Trade Index
In New Zealand, the figure with respect to the global dairy trade remained 2% in October, the same as the month prior, up beating the economist expectation which was 1%. The data is copied from the news released by Global Dairy Trade.
The GDT Price Index utilizes a weighted-normal of the rate changes in price. GDT Price Indices are utilized to maintain a strategic distance from the predisposition of a straightforward weighted normal price and to give a progressively exact impression of the price movement between exchanging events.
Considering the price movement over the last couple of days, selling the NZDUSD around current levels can be a decent choice in the short to medium term.