Technical analysis of NZD/USD for November 20, 2015

Overview:

• The The NZD/USD pair will hover at the level of 0.6607 and resistance is seen at 0.6607 and 0.6660. It should be noted that the price hit the weekly pivot point, resistance 1, and support 1 this week. Moreover, this week the weekly pivot point sets at the point of 0.6600; for that it will act as resistance today. However, the support is already found at 0.6484 and 0.6429. So, according to the previous events, the NZD/USD pair is going to move between 0.6440 and 0.6663. Another thought, we expect a range between 0.6600 and 0.6490 in coming hours. Additionally, the market is calling for the bearish market from the level of 0.6607. Therefore, it will be very useful to sell at the level of 0.6607 in the short term with the first target at 0.6539; but if the trend is able to break the minor support at 0.6539, then it might resume to 0.6484. On the contrary, the double bottom sets at 0.6429 in the H4 chart. Consequently, it will be a good opportunity to buy at 0.6429 with the first target at 0.6501 for a correction next week.

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