Home Daily Analysis NZDUSD Technical Analysis: February 07, 2019

NZDUSD Technical Analysis: February 07, 2019

NZDUSD

The New Zealand Dollar (NZD) fell against the US Dollar (USD) on Thursday, this led to a decrease in the price of NZDUSD making the total appear less than 0.6800. The price of the pair decreased after major economic news released. Considering the price movement of the pair over the last few days, it is anticipated that the technical bias shall remain bullish because the pair’s price marked a higher high in the recent upside move.

NZD/USD Technical Analysis

Currently, the pair is being traded around 0.6756, since the price is decreasing it may encounter support around 0.6710, an immediate major horizontal support level. Another support may come near 0.6650, the 23.6% Fib level support and then 0.6551, the low of January 03, 2019, which is likely to keep the price from passing through this level as demonstrated in the given below chart.

NZDUSD

 

Coming towards the upside, a resistance can be witnessed around 0.6809, the 61.8% Fib level resistance. Another resistance may come at 0.6849, the trend line resistance and then 0.6968, the major horizontal resistance level as demonstrated in the given above chart.

The United States Labor Force Participation News

In the United States, the figure concerning the labor’s force participation remained 62.9% in August, as compared to 62.9% during the month before, down beating the economist expectation which was 63.0%. The data is sourced from the news released by the Bureau of Labor Statistics, United States.

The data takes into account 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. 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, selling the AUDUSD around current levels can be a good decision in short to medium term.

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