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NZD/USD: technical analysis 27.11.2019

Current trend

NZD/USD quotes attempted to grow, but reaching 0.64320 mark moved to a downward correction. If the sellers manage to decline the rate below the level of 0.64218, the correction can continue to the area of 0.64150-0.64087, surrounding the middle line of Bollinger bands. The level of 0.64087 seems strong support for the short term sellers. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 0.63934.

Alternative scenario

One may speak about upward movement continuation after the price consolidates above the resistance level of 0.64392. In this case, the next targets of buyers will be the level of 0.64545. The area of 0.64545-0.64636 levels seems a strong resistance area, which can activate a downward rebound.

The technical picture is mixed.
Bollinger Bands are pointed sideways.
MACD volumes are in the negative zone and are moving along the zero line.
Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 0.64150, 0.64087, 0.63934.
Resistance levels: 0.64392, 0.64545, 0.64636.

Trading recommendations

Short positions can be opened below the level of 0.64150 with the target at around 0.64087-0.63934 and stop-loss at 0.64222.
Long positions can be opened above the level of 0.64392 with the target at around 0.64545-0.64636 and stop-loss at 0.64310.

 

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