The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Tuesday, increasing the price of NZDUSD to more than 0.6700 following some key economic releases. The technical bias may turn 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 0.6728, a resistance can be noted around 0.6826, the trendline resistance ahead of 0.6900, the psychological number and then 0.6967, the key horizontal resistance as demonstrated in the given below chart.

On the downside, a support can be noted near 0.6694, the major horizontal support level ahead 0.6630, the 61.8% Fib level support and then 0.6510, the trend line support as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.6759, the major horizontal 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.