NZD/USD found strong support at 0.7110, after which the pair
established a strong uptrend. Fibonacci applied to the corrective wave where
NZD/USD found the support shows that it broke above both 161.8% and 261.8% Fibs
while 361.8% hasn’t been tested yet.
Currently the pair is trading near 261.8% (0.7300), which is
acting as support and could be a good entry point to go long to target 361.8%
Fibs (0.7365). At the same time, the pair could go slightly lower before continuing
moving up. Consider buying NZD/USD with caution while the rate is near 0.7300,
targeting 0.7365.
Support: 0.7295
Resistance: 0.7365
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of NZD/USD for November 3, 2016 appeared first on forex-analytics.press.