Forex Trading: NZDUSD Technical Analysis – December 27, 2019
A very nice journey that the NZD is leading against the USD by consistently labeling the bullish candle for the week and bringing the price to over 0.6700. The price increase is due to the update of major economic news. As far as the technical bias is concerned, the higher high wave printed on the graph so it remains bullish.
NZDUSD: Technical Analysis
As of now, the NZDUSD is being traded at a price of 0.6704, with few levels of resistance that can limit the movement of the pair’s price in the direction of forwarding. As shown in the graph below, the first level will obtain at the price of 0.6875, a trendline resistance, ahead of 0.6900, a psychological number and then a significant horizontal resistance of 0.6967.
While there are several support levels that can provide immediate assistance to the price in order to move it upward, the price might get support of 0.6644, a trend line support at its first level, soon after that there is another trendline support of 0.6595 and next to it there is a major horizontal support of 0.6562, as shown in the above graph.
NZD Gross Domestic Product
From the fundamental point of view, the Gross Domestic Product, a measure of the total value of all goods and services produced by New Zealand increased by 06 points and also crossed the 0.6% figure, expected by the economist, in the third quarter of the year. Positive GDP is seen as a broad measure of economic efficiency and good health in New Zealand.
The NZDUSD is gradually moving towards a bullish trend, opening up its market to both short and long-term traders.