The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Friday, increasing the price of NZDUSD to more than 0.6400 following some key economic releases. The technical bias shall remain bearish because of a higher low in the recent upside move.

NZD/USD Technical Analysis

As of this writing, the pair is being traded around 0.6480. On the downside, a hurdle can be noted near 0.6562, an immediate horizontal resistance level ahead of 0.6617, the 38.2% Fib level resistance and then 0.6670, the trendline resistance as demonstrated in the given below chart.

On the downside, a support can be noted around 0.6427, an immediate trendline support ahead of 0.6300 the psychological number and then 0.6228, another key horizontal support as demonstrated in the given below chart. The technical bias shall remain bearish as long as the 0.6738 resistance area is intact.

US Jobless Claims

The number of Americans filing for unemployment benefits rose less than expected last week, pointing to sustained strength in the labor market despite trade tensions.

Other data on Thursday showed new orders of U.S-made goods rose for a second straight month in June, but business spending on equipment appeared to be slowing further.

Initial claims for state unemployment benefits increased 1,000 to a seasonally adjusted 203,000 for the week ended August 31, the Labor Department said on Friday. Claims dropped to 213,000 during the week ended July 27, which was the lowest reading since December 1969. Economists polled by Reuters had forecast claims rising to 214,000 in the latest week.

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.