Forex Trading: NZDUSD Technical Analysis – Febuary 13, 2020
Today, we updated the NZDUSD analysis with the negative status of depreciation, its fall of less than 0.6500 due to New Zealand’s unfavorable data, which serves as a key factor in enhancing the NZD’s currency. Speaking about the technical analysis, then it could stay bearish due to the lower low wave of the last downside movement.
NZD/USD: Technical Analysis
Today at the price of 0.6451, the NZDUSD updated itself. it’s good for the NZDUSD that at this stage is supported by the numbers of the support levels, At 0.6425, there is the support of the Fibonacci level, at 0.6382, there is the trendline support, and then at 0.6202, the price aided with the major horizontal support.
On the contrary side, there are multiple of the resistance levels, at 0.6494, there is the confluence of the trendline and the major horizontal support, ahead of this, there is the Fibonacci level at 0.6566 and then at 0.6787, there is another trendline resistance.
NZD Global Dairy Trade’s
From a fundamental perspective, Global Dairy Trade’s GDT Price Index, released a few days ago, decreased dramatically from 1.7% to-4.7%. GDT Price Indices are used to escape the distortion of a simple weighted average price, and to provide a more accurate reflection of the price movements between events in trade. This decrease means the NZD currency weakens further.
The NZDUSD conditions are getting pretty better from the past days and now it illuminates the optimism that it will regain its desirable position soon.