Forex Trading: NZDUSD Technical Analysis – October 28, 2019

The New Zealand Dollar (NZD) slid down 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 information 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 0.6347, Immediate major horizontal support that prevents it from falling can be seen around 0.6331. Another trendline support may come around 0.6319 and after that at 0.6301, the  38.2% Fib level as demonstrated in given below chart.

NZDUSD

Talking to the upside, the immediate trend line resistance,  that might cause an obstacle in the path of shifting it further from this level may be seen around 0.6367, ahead of 0.6426,  the 38.2% Fib level resistance, and then 0.6456, the major horizontal resistance level as demonstrated in the given above chart. The technical bias may remain bearish as long as 0.6361, the major horizontal resistance stays unchanged.

USD Nondefense Capital Goods Orders ex Aircraft

In the United States, the figure concerning the Nondefense Capital Goods Orders Excluding Aircraft is  -0.5%, this month, downbeat with the economist expectation of -0.2% but risen from the month before percentage i.e -0.6%. The data is sourced from the news released by the US Census Bureau.

The Nondefense Capital Goods Orders Excluding Aircraft estimates the cost of capital goods orders issued by suppliers (capital goods are durable goods used in the production of goods or services), which means goods intended to last for three years or longer, excluding the defense and aircraft sectors. Because these green goods also involve large investments that are sensitive to the economy of Us. the positive reading is following the bullish trend for the US and vice-versa.

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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