Forex Trading: NZDUSD Technical Analysis – October 24, 2019
The New Zealand Dollar (NZD) dropped to the US Dollar (USD) on Thursday, lowering the price of NZDUSD to below 0.6500. The price of the pair has dropped after major economic news has been released. Given the price movement of the pair over the last few days, the technical bias is expected to remain bearish because the price of the pair is higher low in the recent upside movement.
NZD/USD Technical Analysis
As of this writing, the pair is traded around 0.6404, which can be witnessed around 0.6318, the trendline support, which prevents the price from further backing. Another support maybe around 0.6341, the 23.6% Fib level support and then 0.6203, the key horizontal support as shown in the chart.
Coming towards the upside, At the 38.2% Fib level resistance may be seen around 0.6426, a while later a trendline resistance of 0.6565 comes, and then at 0.6790, major horizontal resistance is observed as demonstrated in the given above chart. The technical bias may remain bearish as long as 0.6318, the major horizontal resistance remains unchanged.
NZD Trade Balance
NZD Trade Balance In New Zealand, this year’s trade balance figure fell to -$5.21B compared to $-5.55B in the previous year, up from the economist’s expectation of$-5.49B. The data is copied from Statistics New Zealand’s news release.
Exchange balance is the difference between calculating the exports and imports of the country over a span of one year. A good thing.
Exchange balance, is the distinction between the estimation of nation’s fares and imports, over a time of year. A positive parity implies that fares surpass imports, negative one’s methods the inverse. Positive exchange equalization shows a high aggressiveness of a nation’s economy.
Considering the pair’s overall price activity over the past couple of days, short to medium term selling the NZDUSD around current levels can be a good decision.