Technical analysis for NZD/USD for October 30, 2018

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Technical outlook:

The 1H chart view has been presented for NZD/USD to provide a short-term outlook. As seen here, after forming intraday lows around 0.6465 levels last Friday, prices reversed sharply, producing a Morning Star candlestick pattern, and rallied through 0.6555 levels (yesterdays' high). During this rally, NZD/USD broke not only above the immediate line of resistance but also above immediate price resistance around 0.6544 levels as seen here. At present, prices have bounced off the fibonacci 0.382 support of the rally between 0.6465 through 0.6555 levels respectively. Going forward, the pair is expected to push higher 0.6600/20 levels as projected here. It remains to be seen though, from which fibonacci support would it turn bullish again.

Trading plan:

Long @ 0.6500, stop below 0.6450, target 0.6620

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com