NZD/USD: technical analysis 14.11.2019
The NZD/USD pair begins today’s trading with a bearish bias to correction. The first target of the correction will be the area of levels of 0.63782 - 0.63682, which corresponds to the middle line of Bollinger Bands. The level of 0.63682 can activate an upward rebound and let the price to retest the resistance 0.64087. According to technical indicators, such a case scenario seems more likely.
Meanwhile, the breakdown of 0.63682 and the pair’s sustained trading below it will be a signal for downward trend formation and give a prospect of decline to 0.63629-0.63477.
The upward trend will be restored after the price is set above the level of 0.64175. In this case, the next targets of buyers will be the level of 0.64392-0.64545.
Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term. Bollinger Bands are pointed вupwards. MACD is stabilized in the positive zone. Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.
Support and resistance
Support levels: 0.63782, 0.63629, 0.63477, 0.63324.
Resistance levels: 0.64175, 0.64240, 0.64392, 0.64545.
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 0.64175 with the target at around 0.64392 and stop-loss at 0.64102.