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Technical analysis of NZD/USD


Technical analysis of NZD/USD

The chart shows the movement of #NZD/USD in the daily (D1) chart.

According to technical analysis, there is a key support level, at which the two-year downward trend can be reversed. The pair has been moving towards this direction for some time, particularly in the range of 0.5435. Breaking through it will certainly jump-start the formation of a new medium-term trend, but that is unlikely to happen at least until November 4. Also, its development will depend on the resistance levels 0.5680 and 0.5960.

But if the quote goes lower than 0.5435, the trend will remain bearish and there will be no strong upward movement.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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