HomeAnalysis NewsForex Trading: NZDUSD Technical Analysis – May 02, 2019

Forex Trading: NZDUSD Technical Analysis – May 02, 2019

2 May 2019 By Galina Mikova

The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Thursday, this led to an increase in the price of NZDUSD making the total appear more than 0.6600. The price of the pair increased after major economic news released. Considering the price movement of the pair over the last few days, it is anticipated that the technical bias may remain bearish because the pair’s price marked a higher low in the recent upside move.

NZD/USD Technical Analysis

Currently, the pair is being traded around 0.6637, resistance may be seen around 0.6746, the key horizontal resistance level ahead of 0.6849, the 23.6% Fib level resistance and then 0.6936, the trendline resistance as demonstrated in the given below chart.

NZDUSD

 

Coming towards the downside, support can be witnessed around 0.6584, the trendline support. Another support may come around 0.6400, the psychological number and then 0.6423, the major horizontal support level as demonstrated in the given above chart. The technical bias may remain bearish as long as 0.6802, the major horizontal support remains intact.

USD Average Hourly Earning News

In the United States, the figure concerning the labor’s earning on an average rate per hour remained 3.2% in March, as compared to 3.4% during the month before, down beating the economist expectation which was 3.4%. The data is sourced from the news released by the Department of Labor, United States.

The data takes into account after the number of people employed in the labor category over the given period of time. It is to be noted that the figure is derived on a sampling basis. It should not be deemed as an exact figure but it can be considered as an average. It indicates the cost of inflation rated as well as the strength of the labor market. Generally speaking, high reading in this regard is considered as a bullish trend for the US Dollar (USD) and vice-versa.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, selling the NZDUSD around current levels can be a good decision in short to medium term.