NZD/USD: TECHNICAL ANALYSIS 01.11.2019Published: 1 November 2019
NZD/USD is in the stage of a downward correction after rising to the level of 0.64408, but the general upward trend is still maintained. If the sellers manage to decline the rate below the level of 0.64240, the correction can continue to the area of 0.64087. The area of levels 0.64087-0.63934 will be a key support for the short term period. There is a high chance of upward rebound, while the breakdown of the lower border would allow the fall to continue to the area of 0.63782.
One may speak about upward movement continuation after the price consolidates above the resistance level of 0.64408. Pair’s sustained trading beyond above it will see as a key trigger for bullish traders. In this case, the next targets of buyers will be the level of 0.64545-0.64697.
Technical indicators reflect the maintenance of the upward potential. Bollinger Bands are pointed upwards.MACD is actively growing in the positive zone. Stochastic is pointed upwards.
Support and resistance
Support levels: 0.64240, 0.64087, 0.63934.
Resistance levels: 0.64392, 0.64545, 0.64697.
Long positions can be opened above the level of 0.64392 with the target at around 0.64545-0.64697 and stop-loss at 0.64290.
Short positions can be opened below the level of 0.64240 with the target at around 0.64087-0.63934 and stop-loss at 0.64342.