Technical analysis of NZD/USD for November 08, 2017

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Overview:

  • The kiwi has already tested the area of 0.6889 - 0.6933. The NZD/USD pair will probably continue to move upwards from the level of 0.6889. However, the first resistance level is seen at 0.6933 followed by 0.6963 and 0.6981, while the daily support 1 is seen at 0.6889 (38.2% Fibonacci retracement). According to the previous events, the NZD/USD pair is still moving between the levels of 0.6889 and 0.6963. Furthermore, if the trend is able to break out the second resistance level at 0.6963, we could see the pair climbing towards the thirs resistance (0.6981) to test it. Therefore, buy above the level of 0.6889 with the first target at 0.6933 in order to test the daily resistance 1 and further to 0.6963. Also, it should be noted that the level of 0.6981 is a good place to take profit because it will form a new double top. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6889, a further decline to 0.6840 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company - www.instaforex.com