NZD/USD: technical analysis 23.12.19

Current trend

Today NZD/USD price is moderately growing and is now testing the resistance level of 0.66108. Assuming the pair’s ability to cross this level, the mark of 0.66223 can be targeted if holding long positions. The area of 0.66223 – 0.66340 can prevent the instrument from growing, as the possibility of the reverse of the price is high there. However, the breakout and holding above 0.66376 level will be a signal for “bullish” traders. In this case, the buyers will aim for 0.66528 resistance.

Alternative scenario

The rebound from 0.66108 resistance and pullback below 0.66000 could lead the price to 0.65918-0.65875 support. This area is coincided with the middle line of Bollinger Bands and seems an important line for the sellers. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to 0.65765-0.65613 support zone.

Technical indicators

Technical indicators maintain a buy signal.

Bollinger Bands are pointed upwards.

MACD is growing in a positive zone.

Stochastic is pointed upwards.

Support and resistance

Support levels: 0.66071, 0.65918, 0.65765, 0.65613.
Resistance levels: 0.66108, 0.66223, 0.66376, 0.66528.

Trading recommendations

Short positions can be opened below the level of 0.65785 with the target at around 0.65613 and stop-loss at 0.65842.
Long positions can be opened above the level of 0.66108 with the target at around 0.66223-0.66376 and stop-loss at 0.66018.

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