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NZD/USD: technical analysis 22.11.2019

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 0.64087. The area of 0.64087-0.64117 is coincided with the middle line of Bollinger Bands and can activate a downward rebound. If the "bulls" manage to raise the rate above the level of 0.64117, the correction can continue to the area of 0.64240-0.64392.

Alternative scenario

The rebound from 0.64087 could lead the price back to 0.63934 support. This level seems at a key level for the sellers. The breakdown of this mark will be a signal for downward trend resumption. In this case, the next targets of sellers will be the level of 0.63782, 0.63629.
Technical indicators reflect the moderate maintenance of the downward potential.
Bollinger Bands are slightly leaned downwards.
MACD volumes are decreasing in the positive zone.
Stochastic is pointed downwards.

Support and resistance

Support levels: 0.63934, 0.63782, 0.63629, 0.63477.
Resistance levels: 0.64087, 0.64240, 0.64392, 0.64545.

Trading recommendations

Short positions can be opened below the level of 0.63934 with the target at around 0.63782-0.63629 and stop-loss at 0.64035.
Long positions can be opened above the level of 0.64117 with the target at around 0.64240-0.64392 and stop-loss at 0.64025.

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