03.12.201512:28 Forex Analysis & Reviews: NZD/USD technical analysis for December 3, 2015

Long-term review

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NZD/USD is trading in a bullish short-term trend, but there are signs of a possible reversal towards 0.66 or lower. The price is very close to daily resistance of 0.67, which can push prices towards 0.6850 in case it gets broken.

Blue lines - bullish channel

Red line -long-term resistance

NZD/USD is testing the upper boundary resistance of the Ichimoku cloud at 0.67. A daily close above the cloud will be a confirmation of the bullish trend and will increase chances of moving towards the longer-term trend-line resistance at 0.6850-0.69.

Red rectangle - resistance

The NZD/USD pair has made a pullback after reaching a high of 0.6687. The price is challenging short-term resistance at 0.6660-0.6670. Support is found at 0.6640 today. In overall bulls need to be very cautious specially if a low of 0.6610 gets is broken as we could see a deeper pullback towards 0.65. For now bulls remain in control of the trend.

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