17.11.201611:51 Forex Analysis & Reviews: Technical analysis of NZD/USD for November 17, 2016

Overview:

• The NZD/USD pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term testing 0.7034 or lower. Immediate support is seen around 0.7076. A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 0.7034, because in general, we remain bearish on November 17th, 2016. Yesterday, the market moved from its bottom at 0.7034 in order to try breaking it. Today, on the four-hours chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.7122 (the first resistance), the market will indicate a bearish opportunity below the level of 0.7122 (the level of 0.7122 coincides with tha ratio of 23.6% Fibonacci retracement). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.7122 with the first target at 0.7034 so as to test the double bottom. If the trend breaks the double bottom level of 0.7034, the pair is likely to move downwards continuing the development of a bearish trend to the level of 0.6980 in order to test the daily support 3.