The New Zealand Dollar (NZD) inched higher against the US Dollar this morning. It’s a fifth day of the week that the pair has marked a bullish candle continuously. As far as the technical bias is concerned, it might remain bullish since, during the last downside move, the price printed a lower high on the graph.
NZDUSD: Technical Analysis
The NZDUSD is being asked for the price around 0.6557. The price may face resistance while moving upside near 0.6565, it’s an immediate 61.8% Fib level resistance ahead of 0.6700, the psychological number and then the high of July 22, 2019, may stick the price near 0.6787 as shown in the graph below.
Talking about the downside, the price may come across a support level near 0.6496, the key horizontal support level which may prevent the price from falling further ahead of 0.6413, the trend line support and then comes 0.6341, the 23.6% Fib level which may act as strong support level helping the price to sustain around the current level as shown in the graph. The technical bias is likely to stay bullish as long as 0.6496, the key horizontal support level is intact.
New Zealand’s GDT Price Index Release
From a fundamental perspective, the Global Dairy Trade releases the GDT index using a weighted-average percentage of the price changes . The index is useful to avoid the biases of a simple weighted average price and to yield a more accurate reflection of the price movements between trading events. Generally speaking, a higher reading shows a bullish market for the New Zealand Dollar (NZD) and vice versa.
Trading the pair around current levels for both short and long term positions may be profitable.