FX.co ★ Technical analysis of NZD/USD for November 16, 2016

Overview:

• The NZD/USD pair fell from the level of 0.7174 to bottom at 0.7076 yesterday. But the price has close above around the area of 0.7121.
• The NZD/USD pair has faced first support at the level of 0.7121.
• The NZD/USD pair is continuing to trade in a bearish trend from the new support level of 0.7121 in order to form a bearish channel.
• According to the previous events, we expect the pair to move between 0.7121 and 0.7034.
• Besides, it should be noted major resistance is seen at 0.7218, while immediate resistance is found at 0.7174.
• Then, we may anticipate potential testing of 0.7174 to take place soon.
• Moreover, if the pair succeeds in passing through the level of 0.7174, the market will indicate a bullish opportunity above the level of 0.7174.
• A breakout of that target will move the pair further upwards to the levels of 0.7218 and 0.7264. Buy orders are recommended above the area of 0.7141 with the first target at the level of 0.7218; and continue towards 0.7264.
• However, if the NZD/USD pair fails to break out through the resistance level of 0.7174; the market will decline further to the level of 0.7034.

Daily key levels:

• Major resistance:0.7174
• Minor resistance:0.7121
• Intraday pivot point:0.7076
• Minor support:0.7034
• Major support:0.6982