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NZD/USD: technical analysis 02.12.2019

Current trend

On the 4-hour chart, the instrument shows a positive dynamic. The price went up above the level of 0.64468 and can grow further to the area of 0.64545-0.64647. This area seems a key zone for the buyers and can activate a downward rebound. Meanwhile, the decisive break of 0.64647 is needed to indicate the upward trend resumption. In this case, the next targets of sellers will be the level of 0.64870.

Alternative scenario

The rebound from 0.64545 and pullback below 0.64392 will be a signal for downward correction formation. In this case, the instrument will have the potential to further decline to the 0.64316-0.64240 area.
The downward trend will be restored after the price is set below the level of 0.64231, which is the middle line of Bollinger Bands. In this case, the next targets of sellers will be the level of 0.64087.

Technical indicators mostly keep a buy signal.
Bollinger Bands are diverging on the background of bullish momentum.
The volumes of MACD histogram are growing in a positive zone.
Stochastic is pointed upwards

Support and resistance

Support levels: 0.643692, 0.64316, 0.64240, 0.64087.
Resistance levels: 0.64468, 0.64545, 0.64870.

Trading recommendations

Short positions can be opened below the level of 0.64392 with the target at around 0.64240-0.64163and stop-loss at 0.64468.
Long positions can be opened above the level of 0.64468 with the target at around 0.64545-0.64700 and stop-loss at 0.64390.

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