Technical analysis of NZD/USD as at October 31, 2017




Overview:

  • The NZD/USD pair has not made any movement since yesterday. The bias remains bearish in nearest the trial period 0.6760 or less. The price is still trading around the area of 0.6860 and 0.6800. The NZD/USD the pair continues to move to the bottom of the area of 0.6942 and 0.7880. Last week, the pair fell from the level of 0.6942 to 0.6942 which coincides with a ratio of 23.6% Fibonacci on the chart H4. Today, the resistance is observed at the level of the 0.6945 and 0.7033. So, we expect the price to be set below strong resistance at the level of the 0.6945 and 0.7033 because the price is in a downtrend channel now. The RSI starts signaling a downward trend. Therefore, the market is likely to show signs of a downward trend. Thus, it will be good to sell below the level of 0.6942/0.6900 with the first target at 0.6800. If the NZD/USD pair is able to break out of the daily support at 0.6800, the market will continue to decline up to 0.6760 in order to test the daily support of two. However, the spot price of 0.6942 remains an important area of resistance. Thus, the trend remains bearish as long as the level of 0.6945 is not broken.



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