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NZD/USD: TECHNICAL ANALYSIS 29.10.2019

Current trend

The NZD/USD pair begins today’s trading with slight bullish bias amid the correction.
At the moment the price has met the resistance at the level of 0.63744, which coincided with the middle line of Bollinger Bands.
The upward trend will be restored after the price is set above the level of 0.63782.
In this case, the next targets of buyers will be the area of 0.63858-0.64087.

Alternative scenario.

If the price cannot consolidate above the level of 0.63782 during the short term period the price can reverse and retest the support level of 0.63553-0.63477. The area of 0.63477-0.63332 is the key level for the sellers. A decisive breakdown of 0.63332 could trigger a pair’s fresh decline to 0.63171 support.

Technical indicators reflect the maintenance of the upward potential. Bollinger Bands are converging on the background of bullish momentum. MACD volumes are decreasing in the negative zone. Stochastic is pointed upwards.

Support and resistance

Support levels: 0.63477, 0.63332, 0.63171.
Resistance levels: 0.63782, 0.64087, 0.64255.

Trading recommendations

Long positions can be opened above the level of 0.63782 with the target at around 0.64087 and stop-loss at 0.63680.
Short positions can be opened below the level of 0.63477 with the target at around 0.63332-0.63171 and stop-loss at 0.63579.

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