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Technical analysis of NZD/USD for December 2, 2015

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Overview:

  • The NZD/USD pair has broken major resistance at 0.7792 for that the level of 0.6589 became support, and it will continue to act as strong support today. Also, it should be noted that the daily pivot point is calculated at 0.6632, and it is now approaching the test, therefore, it will probably start an upward movement in this area and recover again. So, the market will indicate a bullish opportunity at the levels of 0.6589 and 0.6632. Thus, it will be a good sign to buy in this area with the first target at 0.6687 (100% of Fibonacci retracement levels), and continue towards 0.6720. On the other hand, if there is a breakout at 0.6589, it will be a good sign to set the stop loss for that the best location for placing it should be at the level of 0.6563.

Trading recommendations:

  • According to the previous events, the NZD/USD pair will move between 0.6589 and 0.6687.
  • Buy above the level of 0.6589 with the first target at 0.6687. Moreover, if the trend will be able to break the double top at the level of 0.6687, then it might resume moving towards 0.6720.
  • Buy above the level of 0.6589 with the first target at 0.6687. Moreover, if the trend will be able to break the double top at the level of 0.6687, then it might resume moving towards 0.6720.


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