Technical analysis of NZD/USD for November 24, 2016

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Overview:

  • The NZD/USD pair dropped from the level of 0.7079 to the bottom around 0.6973. But the pair has rebounded from the bottom of 0.6973 to close at 0.7000. Today, the first support level is seen at 0.6986, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.7079, which coincides with the 50% Fibonacci retracement level. Since the trend is above the 50% Fibonacci level, the market is still in a downtrend. From this point, this resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the NZD/USD pair is able to break out the first support at 0.6986, the market will decline further to 0.6931 in order to test the weekly support 2.
    On the H4 and daily charts, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.7070 with the first target at 0.6986 and further to 0.6931. At the same time, the breakdown of 0.7079 will allow the pair to go further up to the levels of 0.7175 in order to retest the last bullish wave.

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The material has been provided by InstaForex Company – www.instaforex.com

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