Forex Trading: NZDUSD Technical Analysis – February 13, 2019

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The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Wednesday, increasing the price of NZDUSD to less than 0.6700 following some key economic releases. The technical bias may turn bullish because of a lower high in the recent downside move.

NZD/USD Technical Analysis

As of this writing, the pair is being traded around 0.6797, a support can be noted near 0.6710, the major horizontal support level. Another support may be seen around 0.6650, the 23.6% Fib level support ahead of 0.6551, the low of January 03. 2019 as demonstrated in the given below chart.

NZDUSD

 

On the upside, a resistance can be noted around 0.6897, the trend line resistance ahead of 0.6935, another trendline resistance and then 0.6968, the key horizontal resistance as demonstrated in the given above chart.  The technical bias shall remain bullish as long as the 0.6710, the major horizontal support area is intact.

USD ADP Employment Change News

The employment change rate in the US remained 163K in August, as compared to 217K during the month before, up beating the economist expectation which was only 190K, the data is taken from the news released by Automatic Data Processing Inc.

The organization measures the number of people remained employed over a due course of time. Generally speaking, a positive reading in the employment data rate is considered as bullish for the US Dollar (USD) and vice versa.

Trade Idea

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

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