Forex Trading: NZDUSD Technical Analysis – October 07, 2019
The New Zealand Dollar (NZD) appreciated against the US Dollar (USD) on Monday, increasing the price of NZDUSD to more than 0.6300. The price of the pair increased after major economic news released. The technical bias is foreseen as bearish in light of the fact that the pair’s value denoted a lower low in the recent downside move.
NZD/USD Technical Analysis
As of this writing, the pair is being traded around 0.6310, the immediate key horizontal resistance may be seen around 0.6376, ahead of 0.6484 the 38.2% Fib level resistance, and then 0.6918, the trendline resistance level as demonstrated in the given below chart.
On the downside, At the 38.2% Fib level support can be witnessed around 0.629. Another trend line support may come around 0.6231 and then 0.6203, the major horizontal support is clearly shown in the given above chart. The technical bias may remain bearish as long as 0.6376, the major horizontal resistance remains intact.
NewZealand Gross Domestic Product
In New Zealand, the figure with respect to the gross domestic product remained 0.5% in October, as compared to 0.6% during the month before, up beating the economist expectation which was 0.4%. The data is copied from the news released by New Zealand Statistics.
The Gross Domestic Product released by Statistics New Zealand is a proportion of the absolute estimation of everything being equal and administrations delivered by New Zealand. The GDP is considered an expansive proportion of New Zealand’s financial action and wellbeing. As a rule, a high perusing is viewed as positive (or bullish) for the NZD, while a falling pattern is viewed as negative (or bearish) for the NZD.
Considering the price movement over the last couple of days, selling the NZDUSD around current levels can be a decent choice in the short to medium term.