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Technical analysis of NZD/USD for November 05, 2015

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NZD/USD is expected to trade in a lower range. The pair remains in a downtrend, capped by its falling 50-period intraday MA. The process of lower highs and lows remains intact. This indicates that the decline may continue. Besides, the intraday RSI is below its neutrality area at 50. Therefore, as long as 0.6650 is not surpassed, look for further weaknesses at 0.6570. A break below 0.6555 would trigger a drop towards 0.6530.

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 0.6570. A break of that target will move the pair further downwards to 0.6530. The pivot point stands at 0.6650. 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 0.6705 and the second target at 0.6755.

Resistance levels: 0.6705 0.6755 0.6785 Support levels: 0.6570 0.6530 0.6475



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