Technical analysis of NZD/USD for November 29, 2017




  • The NZD/USD pair is still trading in the uptrend from the support levels of 0.6830 and 0.6880. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.6880, which coincides with a golden ratio (23.6% of Fibonacci). Consequently, the first support is set at the level of 0.6880. So, the market is likely to show signs of a bullish trend around the spot of 0.6880. In other words, buy orders are recommended above the golden ratio (0.6880) with the first target at the level of 0.6993. Furthermore, if the trend is able to breakout through the first resistance level of 0.6993. We should see the pair climbing towards the next resistance (0.7043) to test it. On the other hand, the stop loss should be set below the second support of 0.6833.
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