Technical analysis of NZD/USD for November 20, 2017

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NZD/USD is rebounded from 0.6795 and expected to trade with a bullish outlook. The pair has struck against its key support at 0.6795, representing a horizontal level and the current 50-period moving average. The relative strength index is bullish, without showing any reversal signal.

In which case, as long as the support at 0.6820 is not surpassed, the risk of the break above 0.6865 remains high. Our next up target is set at 0.6880.

The black line shows the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.6865, 0.6880, and 0.6915

Support levels: 0.6780, 0.6755, and 0.6720

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