Technical analysis of NZD/USD for November 23, 2017

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Overview:

  • The NZD/USD pair is going to continue to rise from the level of 0.6779 in the long term. It should be noted that the support is established at the level of 0.6779 which represents thedoule bottom on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.6880. So, buy above the level of 0.6880 with the first target at 0.6943 in order to test the daily resistance 1 and further to 0.6940. Also, it might be noted that the level of 0.6940 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6779, a further decline to 0.6632 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company - www.instaforex.com