The New Zealand Dollar (NZD) inched lower against the US Dollar (USD) on Tuesday, decreasing the price of NZDUSD to less than 0.6800 following some key economic releases. The technical bias may turn bearish because of a lower low in the recent downside move.

NZD/USD Technical Analysis

As of this writing, the pair is being traded around 0.6717, a support can be noted around 0.6656, the 61.8% Fib level support level ahead of 0.6555, the trendline support and then 0.6463, the key horizontal support as demonstrated in the given below chart.

On the upside, a hurdle can be noted near 0.6776, the 38.2% Fib level resistance ahead of 0.6849 the major horizontal resistance and then comes 0.6969, the high of December 04, 2018 as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.6776 resistance 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, selling the pair NZDUSD around current levels may be a good strategy in short to medium term.