Technical analysis of NZD/USD for November 02, 2017
November 2, 2017 7:23 am
Our first upside target which we predicted in yesterday’s analysis has been hit. NZD/USD is still expected to trade with Bullish bias above 0.6680. Although the pair retreated from 0.6930 (the high of November 1), a support base at 0.6880 has formed and has allowed for a temporary stabilization. The relative strength index lacks downward momentum.
Therefore, as long as 0.6880 is not broken, we are cautious with up targets at 0.6950 and 0.6970 in extension.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.6950, 0.6970, and 0.6995
Support levels: 0.6850, 0.6830, and 0.6795
The material has been provided by InstaForex Company – www.instaforex.com
Our first upside target which we predicted in yesterday’s analysis has been hit. NZD/USD is still expected to trade with Bullish bias above 0.6680. Although the pair retreated from 0.6930 (the high of November 1), a support base at 0.6880 has formed and has allowed for a temporary stabilization. The relative strength index lacks downward momentum.
Therefore, as long as 0.6880 is not broken, we are cautious with up targets at 0.6950 and 0.6970 in extension.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.6950, 0.6970, and 0.6995
Support levels: 0.6850, 0.6830, and 0.6795
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: