Technical analysis of NZD/USD for November 09, 2017

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Overview:

  • The NZD/USD pair has already tested the zone of 0.6963. The NZD/USD pair will probably continue to move upwards from the level of 0.6963. However, the first resistance level is seen at 0.6963 followed by 0.6981 and 0.7003, while the weekly support 1 is seen at 0.6889 (major support this week). According to the previous events, the NZD/USD pair is still moving between the levels of 0.6963 and 0.7003. Furthermore, if the trend is able to break out the second resistance level at 0.6963, we could see the pair climbing towards the resistance levels of 0.6981 and 0.7003 Therefore, buy above the level of 0.6963 with the first target at 0.6981 in order to test the daily resistance 2 and further to 0.7003. Also, it should be noted that the level of 0.7003 is a good place to take profit on the H1 chart. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6933, a further decline to 0.6862 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company - www.instaforex.com