Technical analysis of NZD/USD for November 16, 2017



  • Yesterday, the NZD/USD pair dropped sharply from the level of 0.6875 towards 0.6844. Now, the price is set at 0.6850. On the H1 chart, the resistance of NZD/USD pair is seen at the level of 0.6875 and 0.6895. It should be noted that volatility is very high for that the NZD/USD pair is still moving between 0.6822 and 0.6800 in coming hours. Moreover, the price spot of 0.6875/0.6895 remains a significant resistance zone. Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.6875, sell below 0.6875 with the first target at 0.6822 in order to test the first support. Additionally, if the NZD/USD pair is able to break out the bottom at 0.6822, the market will decline further to 0.6800. Also, it should be noticed that support 2 is seen at the level of 0.6800. However, the stop loss should be placed above the price of 0.6900.
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