Forex Trading: NZDUSD Technical Analysis – November 15, 2019
The New Zealand Dollar (NZD) rose against the US Dollar (USD) on Friday. The price increase resulted after major economic news released. The New Zeland Dollar Skyrocketed the day before yesterday but then observed a huge fall the very next day. It now seems to be rising up again. As long as the technical bias is concerned, it may remain bearish since a lower low last move can be seen on the graph below.
NZDUSD: Technical Analysis
Presently, the pair is being traded around 0.6387, it may face resistance 0.6426 and 0.6496 respectively, both are the confluence of the trend line resistance and horizontal levels. Then comes a key horizontal resistance level which may keep the price stay below 0.6565 as shown in the graph below.
Taking about the support levels, the price may come across support around 0.6341, the 23.6% Fib level support ahead of 0.6313, the confluence of two trend lines and then 0.6203, the low of October 01, 2019 may support the price to stay higher than the said level as shown in the graph above.
NZD Business NZ PMI
Considering a fundamental perspective, The Business NZ indicator rose from the 48.4, the month before record and economist expectations, to 52.6 in November.
The PMI monthly Business NZ presents New Zealand’s business conditions. It is an important indicator of the overall economic state. This results in values above 50 signals being valued (or bullish) for the NZD, whereas the result is negative (or bearish) values below 50.
Trading NZDUSD around current levels may not be a wise decision for a long term position at least. Should you wish to open a long term position, you may wait for a while until the trend changes.