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Technical analysis of NZD/USD for November 12, 2014

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Overview:

  • According to the previous events, the NZD/USD pair is moving between the levels of 0.6505 and 0.6610.
  • Resistance is seen at the level of 0.6610 providing a clear signal for sell deals with a target at 0.6498.
  • However, the stop loss should be placed above the level of 0.6650.
  • Resistance is seen at the level of 0.6610 providing a clear signal for sell deals with a target at 0.6498.
  • However, the stop loss should be placed above the level of 0.6650.
  • It should note the following important observations:

    • The market is going to call for a downtrend.
    • The double top is expected at the level of 0.6644.
    • The minor support is found at 0.6533.
    • The major support has already been found at the level of 0.6498. But the double bottom does not coincide with the major support because it has set at 0.6498.
    • The daily pivot point is seen the level of 0.6540.
    • We expect a range about 0.6499 and 0.6610 (111 pips) in coming two days. Hence, the risk of 74 pips must make a profit of 111 pips.
  • The double top is expected at the level of 0.6644.
  • The minor support is found at 0.6533.
  • The major support has already been found at the level of 0.6498. But the double bottom does not coincide with the major support because it has set at 0.6498.
  • The daily pivot point is seen the level of 0.6540.
  • We expect a range about 0.6499 and 0.6610 (111 pips) in coming two days. Hence, the risk of 74 pips must make a profit of 111 pips.


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