The US Pending House Sale Higher Record, Doesn’t Encourage the NZ Dollar to Rise Against the US

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Today NZ dollar lost its past status and since the last Friday, it marked itself with the red bearish candle against the USD.

One of the clear reasons that we concluded from the attached graph, is the number of resistances standing in front of the NZDUSD price that pulled it down. At first, there are two trend lines parallel to each other at 0.6583 and 0.6697, which cause the instant hurdle in the path of progressive NZDUSD, then not very far, at 0.6716, the major horizontal resistance stands to create more troubles for the NZDUSD.

And then the other that we assumed might also play its vital role in pulling down the NZDUSD is the unexpected record of the pending home sale of the US.

According to the national association of the US, the sale record would decrease from 44.35 to 15%, but this record stands at 16.6% on July 30, 2020. Although it isn’t good as compared to last month’s index, it is better than the expectation of the economist.

It captures residential housing contract activity of existing single-family homes and hence it causes the volatility by changing its index and that’s why it is one of the sensitive leading indicators of the US.

NZDUSD

Thankfully, on the other side of the picture, there are the support rates that will soon cope with its obstacles and again bring it to its higher level.

Conclusion

Well, right now, the condition of the NZDUSD is not worsened in the manner of investing with the assistance of strong back up in the form of support rates.

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