Forex Trading: NZDUSD Technical Analysis – December 23, 2019
It’s the good beginning of the week, the pair NZDUSD showed a bullish candle on the first day, and their price crossed the 0.6600 figure The rise in the figure, is the result of the major economic release. Speaking about the technical bias, the bullish trend may continue, as in the last upside movement there is a higher high wave.
NZDUSD: Technical Analysis
Currently, the pair is being exchanged at the price of 0.6620, with a few resistance that restricts its path toward the upward movement, the first immediate resistance that the may suffer is at 0.6614, ahead of 0.6700, the psychological number, then the major horizontal stands at the price of 0.6787, as demonstrated in the below graph.
Looking at the downside, there are more than three levels of support to keep it from falling and to help it in the upward progress as well. At 0.6527, the price of the pair will receive the first Fibonacci level support, then there is a trend line support of 0.6400, and soon after that, the price of the pair will receive major horizontal support of 0.6324.
NZD Gross Domestic Product
From the Fundamental Point of View, the news that put its significant impact on NZD currency strengthening is the Gross Domestic Product released by Statistics New Zealand, which grew by 06 points in this third quarter compared to the previous quarter. The increase in GDP is seen as a strong indicator of the active and healthy economy in New Zealand.
As if we analyze NZDUSD’s overall performance, we come to know that this pair is steadily moving towards the bullish journey from the end of August, so it appreciates the trading of short and long-term holders.