17.11.201516:58 Forex Analysis & Reviews: Technical analysis of NZD/USD for November 17, 2015

The NZD/USD pair is under pressure. The pair fell below its key level at 0.6515 yesterday. The previous key support now plays a resistance role, which should limit any upside potential. Furthermore, the 20- and 50-period intraday MAs are turning down, and call for further decline. The intraday RSI lacks upward momentum, and is also below its neutrality area at 50%. Hence, as long as 0.6515 is not surpassed, expect a return to 0.6445 and 0.6420.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6445. A break of that target will move the pair further downwards to 0.6420. The pivot point stands at 0.6515. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6545 and the second target at 0.6575.

Resistance levels: 0.6545 0.6575 0.6590 Support levels: 0.6445 0.6420 0.6370