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NZD/USD: technical analysis 19.11.2019

Current trend

NZD/USD is in the stage of upward correction after falling to the level of 0.63808, but the downward trend is still maintained. The instrument has the potential to further correction to 0.63944-0.63965 levels. If the "bulls" manage to raise the rate above the level of 0.63700, the correction can continue to the area of 0.64087. This level seems a key for the short term buyers and can activate a downward rebound. However, the decisive break of 0.64087 is needed to indicate uptrend resumption.

Alternative scenario

The downward trend will be restored after the price is set below the support level of 0.63782.
In this case, the next targets of sellers will be the level of 0.63629-0.63477. The 0.63477 level will be a key level for the sellers.

Technical indicators mostly maintain a sell signal. Bollinger Bands are pointed downwards. MACD volumes are decreasing in the positive zone. Stochastic is pointed downwards.

Support and resistance

Support levels: 0.63782, 0.63629, 0.63477.
Resistance levels: 0.63934, 0.64087, 0.64240.

Trading recommendations

Short positions can be opened below the level of 0.63782 with the target at around 0.63477 and stop-loss at 0.63883.
Long positions can be opened above the level of 0.63700 with the target at around 0.64087 and stop-loss at 0.63571.

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