After the unprecedented height of February 12, 2020, New Zealand Dollar (NZD) consistently fell against the US Dollar day after day. The NZDUSD has been assessed with the negative depreciation status, and so today its price falls to less than 0.6500. This could happen because of the unfavorable information from New Zealand, which serves as a key element in stimulating the NZD’s currency. Talking about the technical analysis, then it could stay bearish due to the lower low wave of the last downside movement.
NZD/USD: Technical Analysis
Currently, the NZDUSD was updating itself at a price of 0.6413. It is helpful for the NZDUSD that the number of support levels is supported at this level. At 0.6348, the trendline is supported, at 0.6322, there is further trendline support, and then at 0.6202, the price helped by the significant horizontal support.
On the other side, there are different levels of resistance, at 0.649 there is the main horizontal resistance, before that there is the Fibonacci level at 0.6544 and then there is a trendline resistance at 0.6648.
NZD Global Dairy Trade’s
Global Dairy Trade’s GDT Price Index published a few days ago, dropped dramatically from 1.7 percent to-4.7 percent from a fundamental perspective. GDT Price Indices are used to avoid the distortion of a simple weighted average price, and to provide a more accurate representation of price movements between trade events. This decrease signifies a further weakening of the NZD currency.
In the meantime, as we witnessed its consistent drop from the graph above, the NZDUSD hasn’t openly invited the traders since the start of the year.