Forex Trading: NZDUSD Technical Analysis – March 22, 2019

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The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Friday, this led to an increase in the price of NZDUSD making the total appear more than 0.6900. The price of the pair increased after major economic news released. Considering the price movement of the pair over the last few days, it is anticipated that the technical bias may turn bullish because the pair’s price marked a lower high in the recent downside move.

NZD/USD Technical Analysis

Currently, the pair is being traded around 0.6890, a support can be witnessed around 0.6878, the 61.8% Fib level support. Another support may come around 0.6867, the trend line support and then 0.6840, the major horizontal support level as demonstrated in the given below chart.

NZDUSD

 

Coming towards the upside, a resistance may be seen around 0.6901, the trend line resistance level ahead of 0.6915, the psychological number and then 0.6941, the key horizontal resistance level ad demonstrated in the given above chart. The technical bias may remain bullish as long as 0.6792, the major horizontal support remains intact.

USD Average Hourly Earning News

In the United States, the figure concerning the labor’s earning on an average rate per hour remained 3.2% in December, as compared to 3.1% during the month before, up beating the economist expectation which was 3.0%. The data is sourced from the news released by the Department of Labor, United States.

The data takes into account after the number of people employed in the labor category over the given period of time. It is to be noted that the figure is derived on a sampling basis. It should not be deemed as an exact figure but it can be considered as an average. It indicates the cost of inflation rated as well as the strength of the labor market. Generally speaking, high reading in this regard is considered as a bullish trend for the US Dollar (USD) and vice-versa.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying the NZDUSD around current levels can be a good decision in short to medium term.

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