Technical analysis of NZD/USD for November 08, 2019

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Overview:

The NZD/USD pair continued moving upwards from the level of 0.6374. Righ ow the price is set at 0.6350.

Immediate resistance is seen around 0.6455. A clear break above that area could lead price to the neutral zone in the nearest term. Price will test 0.6455, because in general, we remain bullish today.

This week, the market moved from its bottom at 0.6374 and continued to rise towards the top of 0.6423. Today, on the one-hour chart, the current rise will remain within a framework of correction. In consequence, the NZD/USD pair broke resistance, which turned into strong support at the level of 0.6374.

The level of 0.6374 is expected to act as the major support today. We expect the NZD/USD pair to continue moving in the bullish trend towards the target levels of 0.6455, 0.6480, 0.6506 and 0.6540. Since there is nothing new in this market, it is not bearish yet.

However, if the pair fails to pass through the level of 0.6455 (minor resistance), the market will indicate a bearish opportunity below the strong resistance level of 0.6455 (the level of 0.6455 coincides with tha ratio of 38.2% Fibonacci retracement). If a breakout happens at the support level of 0.6374, then this scenario may be invalidated.

The material has been provided by InstaForex Company – www.instaforex.com