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Technical analysis of NZD/USD for November 02, 2016

NZDUSDM30.png

NZD/USD is expected to prevail its upside movement. The pair broke above its 20-period and 50-period moving averages, which play support roles and maintain the upside bias, and accelerated on the upside. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. Additionally, 0.7155 is playing a key support role, which should limit the downside potential. As long as 0.7155 holds on the downside, look for a further upside toward 0.7250 and even 0.7270 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7250 and the second one at 0.7270. In the alternative scenario, short positions are recommended with the first target at 0.7135 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7120. The pivot point lies at 0.7155.

Resistance levels: 0.7250, 0.7270, 0.7295

Support levels: 0.7135, 0.7155, 0.7105

The material has been provided by InstaForex Company - www.instaforex.com