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NZD/USD: technical analysis 13.12.19

Current trend

NZD/USD is in the stage of a downward correction after growing to the level of 0.66340. If the sellers manage to decline the rate below the level of 0.66071, the correction can continue to the area of 0.65918. This level will be an important line in the short term period. The decisive break of 0.65918 is needed to the downward trend resumption. In this case, the pair will reach the 0.65613 support, which coincided with the middle line of Bollinger Bands.

Alternative scenario

The pullback above 0.66233 will let the price to retest 0.66340 resistance. Should prices continue growing above it, the level of 0.66528 might try activating a downward rebound. However, the breakout and consolidation above 0.66528 will give a prospect of growth to 0.66700-0.66963 resistance area.

Technical indicators

Technical indicators maintain a buy signal.

Bollinger Bands are diverging on the background of bullish momentum.

MACD is growing in a positive zone.

Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 0.66071, 0.65918, 0.65613, 0.65308.
Resistance levels: 0.66233, 0.66340, 0.66528, 0.66700.

Trading recommendations

Short positions can be opened below the level of 0.66071 with the target at around 0.65918-0.65700 and stop-loss at 0.66171.
Long positions can be opened above the level of 0.66233 with the target at around 0.66528 and stop-loss at 0.66134.

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