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07.11.201715:09 Forex Analysis & Reviews: Technical analysis of NZD/USD for November 07, 2017

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 07.11.2017 analysis

NZD/USD is expected to trade with a bullish outlook. The pair is expected to challenge its nearest key resistance at 0.6955, and is likely to break above it in the coming trading hours. The 20-period moving average has crossed above the 50-period one, and both of them are turning up, calling for further advance. The relative strength index is also bullish above its neutrality area at 50.

Hence, as long as 0.6880 is not broken, look for a new rise to 0.6955 and 0.6990 in extension.

The black line shows 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: 0.6955, 0.6990, and 0.7045

Support levels: 0.6850, 0.6830, and 0.6800

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