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NZD/USD: TECHNICAL ANALYSIS 11.11.2019

Current trend

The NZD/USD pair begins today’s trading with slight bullish bias due to correction. At the moment the price has met the resistance at the level of 0.63477, which probably can be a temporary hurdle. Assuming the pair’s ability to cross 0.63477, the 0.63629 level can be targeted if holding buy positions. The area of 0.63629-0.63672 seems a key correction target and can activate a downward rebound. Meanwhile, the decisive breakout of 0.63672 will be a signal for upward trend forming and let the price grown to the area of 0.63782-0.63934.

Alternative scenario.

The rebound from 0.63477 and pairs' sustained trading below 0.63324 could lead the price back to 0.63210 level retest. The downward trend will be restored after the price is set below the level of 0.63171. In this case, the next targets of sellers will be the level of 0.63000, 0.62850.
The technical picture is mixed. Bollinger Bands are pointed downwards. MACD volumes are decreasing in the negative zone, showing the growth of buyers’ moods. Stochastic is pointed upwards.

Support and resistance

Support levels: 0.63324, 0.63171, 0.63000.
Resistance levels: 0.63477, 0.63629, 0.63782.

Trading recommendations

Long positions can be opened above the level of 0.63477 with the target at around 0.63629-0.63782 and stop-loss at 0.63375.
Short positions can be opened below the level of 0.63324 with the target at around 0.63171-0.63000 and stop-loss at 0.63432.

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