Forex Trading: NZDUSD Technical Analysis – Febuary 26, 2020
Today we updated the NZDUSD analysis with the adverse depreciation status, its decline of less than 0.6300 due to recent news from New Zealand, which provides as a key factor in the downward enhancement of the NZD currency, Whereas, we now have some expectation from the graph attached that NZDUSD might be a little better than the situation before, as it improved its status a bit from the continuos bad condition. If we speak specifically about the drop of today then it’s might be because of the Glode diary trade negative news. As far as the technical bias is concerned, it could remain bearish as the price in the last downside move has impressed a lower low wave.
NZD/USD: Technical Analysis
Today, on the third day of the last week of February, the NZDUSD is priced at 0.6298. It is hopeful for the NZDUSD that the number of support levels that are backed at this stage, at first it is assisted by the trendline at 0.6258, ahead of psychological number supported the pair’s at 0.6200, and then at 0.6193, the price supported by the major horizontal support.
But on the contrary, there are also several levels of resistance that might not allow the NZDUSD to grow upward, there is the confluence of the trendline and the Fibonacci level at 0.6419, before that there is another trendline at 0.6416 and then immediately after it, there is major horizontal resistance at 0.6419.
NZD Global Dairy Trade’s
The negative coverage is from the GDT Price Index published a few days ago by Global Dairy Trade, which rose dramatically from -4.7% to 2.9%, but is less than expected by the economist which was 0%. GDT Price Indicators are used to prevent distortion of a simple weighted average price, and to provide a more accurate representation of price movements between trade events. That decline signifies NZD currency toward further deterioration.
Conditions are no better or different from the past, and hence there is still a danger for the investors that may not be allowed for investment in the meantime and people who are already holding this stock might keep it and will wait until the positive move not come.