Forex Trading: NZDUSD Technical Analysis – Febuary 10, 2020
It’s the trading week’s decent start, as the NewZealand Dollar (NZD) eventually drives its price against the US Dollar (USD) today. Although the NZD has inched higher, this is the very poor era through which it has continued to struggle for more than a month, the NZD has taken its steps towards the forward movement in this phase, but this increase has not been able to proceed with this movement and is, therefore, placing itself today under the 0.6500. And hence, the technical bias might remains bearish due to the higher low wave printed on the graph in the last upside move.
NZD/USD: Technical Analysis
Today, the price of the NZDUSD marked itself at 0.6404. At the ahead of the price, there is the pressure of the resistance levels, immediately after the price, there is the resistance of Fibonacci at 0.6412, ahead of the trendline at 0.6456 and then the major horizontal resistance stood at 0.6753.
It is very sad to admit, on the other hand, that the price of the pair is aided by just a few levels of support that would help the price to take it above the level mentioned. At first, it’s backed by the 0.6373 trendline support, ahead of the psychological number of 0.6300 and then the significant horizontal support will help it at 0.6202.
New Zealand’s Labor Cost Index (LCI)
From a fundamental point of view, Statistics New Zealand’s Labor Cost Index (LCI) rated it at 0.6 percent, which is higher than what the economist expected. Labor cost includes the measurement of increases in wages and wage rates for the set quantity and quality of labor inputs.
Trading at this point poses dangers of its own, Therefore, ignoring trading at this stage could be the best solution for both short- and long-term traders as the technical bias might remains at this position for a while.