Forex Trading: NZDUSD Technical Analysis – November 13, 2019
The New Zealand Dollar (NZD) skyrocketed against the US Dollar on Wednesday, taking the price up to more than 0.6300 after the recent economic release with respect to the unemployment rate. The technical bias may remain bullish since a higher high was printed during the last upside move which may be seen on the graph given below.
NZDUSD Technical Analysis
As of this writing, the pair is being traded around 0.6390. Resistance may be noted around 0.6488, ahead 61.8% Fib level resistance which stands next around 0.6565, and then a major horizontal resistance comes around 0.6790, the high of July 07, 2019 as shown in the graph below.
Talking about the downside, a support level can be seen around 0.6307, the immediate trend line support which may prevent the price from falling below this level. Another support is likely to come around 0.6300 the psychological number ahead of another key horizontal support which stands next at 0.6203. The technical bias may remain bullish as long as 0.6307, the trend line support level remains intact.
Trading NZDUSD around current levels may be a good decision in the short to medium term, however, opening long term positions may also bring fruitful results.