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NZD/USD: TECHNICAL ANALYSIS 06.11.2019

Current trend

NZD/USD is in the stage of upward correction after falling to the level of 0.63629, but the general downward trend is still maintained. The downward trend will be restored after the price is set below the level of 0.63637. In this case, the next targets of sellers will be the level of 0.63477. This level seems a key level for the sellers in the short term period. There is a chance of an upward rebound, while its breakdown will be a signal for downward trend resumption and give the prospect of decline to the levels of 0.63224.
Alternative scenario.
If the "bulls" manage to raise the rate above the level of 0.63821, the correction can continue to the area of 0.63934. In case the pair manage to cross this hurdle the buyers will aim for a 0.64087 resistance zone.

Technical indicators reflect the maintenance of the downward potential. Bollinger Bands are diverging on the background of bearish momentum. MACD is actively growing in the negative zone. Stochastic is in the oversold zone and is pointed sideways.

Support and resistance

Support levels: 0.63629, 0.63477, 0.63324.
Resistance levels: 0.63782, 0.63934, 0.64087.

Trading recommendations

Long positions can be opened above the level of 0.63782 with the target at around 0.63934-0.64087 and stop-loss at 0.63680.
Short positions can be opened below the level of 0.63629 with the target at around 0.63477-0.63324 and stop-loss at 0.64527.

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