08.11.201612:47 Forex Analysis & Reviews: Technical analysis of NZD/USD for November 08, 2016

Long-term review

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Overview:

The NZD/USD pair faced resistance at the level of 0.7388, while minor resistance is seen at 0.7340. Support is found at the levels of 0.7259 and 0.7206. The pivot point has already been set at the level of 0.7312. Equally important, the NZD/USD pair is still moving around the key level at 0.7340 - 1.7312, which represents a daily pivot in the H4 time frame at the moment. Yesterday, the NZD/USD pair continued moving upwards from the level of 0.7300. The pair rose to the top around 0.7350 from the level of 0.7312 (coincides with the ratio of 61.8% Fibonacci retracement). In consequence, the level of 0.7350 is expected to act as the first resistance today. We expect the NZD/USD pair to stop moving in the bullish trend in order to rebound from the area of 0.7350 - 0.7388. Moreover: If the pair fails to pass through the levels of 0.7350 - 0.7388, the market will indicate a bearish opportunity below the level of 0.7350 - 0.7388. So, the market will decline further to 0.7259 and 0.7206 to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 0.7140. On the other hand, if a breakout happens at the resistance level of 0.7388, then this scenario may be invalidated.

Comment:

Date | Time : Tuesday, November 8th, 2016 | All Day.
Currency: US Dollar - (USD).
Impact: High impact expected.
Detail: Presidential Election. Voters will elect the 46th President of the United States.

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