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Technical analysis of NZD/USD for November 23, 2016

NZDUSDH4.png

Overview:

  • The NZD/USD pair is still continuing to move downwards from the level of 0.7082 to bottomed at 0.6983.
  • Yesterday, the pair dropped from the level of 0.7082 to the low around 0.7032.
  • But the pair has rebounded from the bottom of 0.7032 to close at 0.7060 yesterday.
  • Today, the first support level is seen at 0.7032, the price is moving in a bullish channel now.
  • Furthermore, the price has been set above the strong resistance at the levels of 0.7032 and 0.6983 which coincides with the double bottom.
  • This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling an upward trend.
  • As a result, if the NZD/USD pair is able to break out the first resistance at 0.7082, the market will rise further to 0.7141 in order to test the daily resistance 2.
  • Consequently, the market is likely to show signs of a bullish trend.
  • So, it will be good to buy above the level of 0.7032 with the first target at 0.7082 and further to 0.7143.
  • However, stop loss is to be placed below the level of 0.6983.

Daily key levels:

  • Major resistance:0.7192
  • Minor resistance:0.7143
  • Intraday pivot point:0.7082
  • Minor support:0.7032
  • Major support:0.6983
The material has been provided by InstaForex Company - www.instaforex.com