Forex Trading: NZDUSD Technical Analysis – October 11, 2018

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The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Thursday, increasing the price of NZDUSD to more than 0.6400 following some key economic releases. The technical bias shall remain 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 0.6481. On the upside, a hurdle can be noted near 0.6521, an immediate horizontal resistance level ahead of 0.6581, the 38.2% Fib level resistance and then 0.6659, the trendline resistance as demonstrated in the given below chart.

NZDUSD

On the downside, a support can be noted around 0.6420, 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 0.6573 resistance area is intact.

US Michigan Consumer Sentiment Index News

In the United States, the index rate of Michigan consumer sentiment remained 100.8 in September, as compared to 96.2 during the month before, up beating the economist expectation which was 96.6, the data is taken from the news released by the University of Michigan.

The figure represents the level of consumers’ confidence in the economic activity of the US Dollar (USD). The data indicates if the consumer is willing to spend more money or not. Generally speaking, a high or positive reading in this regard is considered as a bullish trend for the US Dollar and vice versa.

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.

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