Forex Trading: NZDUSD Technical Analysis – December 20, 2019
After touching the height for the previous two days, the New Zealand dollar dropped on the last of the week against the U.S dollar and its price went down below the 0.6600. the decrease in price occurs due to the broke of major economic news. as far the technical bias is considered, it remains bullish, due to the print of higher high wave in the last upside move.
NZDUSD: Technical Analysis
Currently, the NZDUSD is being asked at the price of 0.6598. there are many support levels that facilitate the price from further dropping. the price has the first immediate support level is at 0.65556, the major horizontal support, soon after it, at 0.6465, there is the support of 38.2% Fibonacci level, then at 0.6388, the trendline support stands.
Speaking about the levels of resistance, the few levels of resistance that limit the price toward the upward movement, the first resistance, the price experience maybe at 0.6623, the trendline resistance ahead of 0.6600, the psychological number, then the main horizontal resistance maybe at 0.6767, as shown in the graph above.
NZD Gross Domestic Product
From the fundamental point of view, the news that triggers the significant impact on the pair price decrease is the Gross Domestic Product reported by Statistics New Zealand, which was expected to improve by 2.4 percent in the third quarter but was below estimates. The fall in GDP is seen as a large measure of economic inactivity and unhealthiness in New Zealand.
NZDUSD trading is opening its doors to both short-term and long-term traders, as the market had seen a bullish streak for over a month.