The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Monday, 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 March 11, 2019, the pair is being traded around 0.6795, a resistance can be noted around 0.6849, the 23.6% fib level resistance ahead of 0.6883, the trendline resistance and then 0.6941, the key horizontal resistance as demonstrated in the given below chart.
On the downside, a support can be noted near 0.6745 the major horizontal support ahead of 0.6700, the 61.8% Fib level support and then 0.6551, the low of January 03, 2019 as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 0.6849, the major horizontal resistance area is intact.
United States ADP Employment Change News
The employment change rate in the US remained 183K in February, as compared to 300K during the month before, down beating the economist expectation which was only 189K, 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.
Considering the overall technical and fundamental outlook, buying the pair NZDUSD around current levels may be a good strategy in short to medium term.222