NZD / USD Technical Analysis Nov 9

Will the NZDUSD drop at 0.7307?

The NZDUSD stabilized close to the 0.7307 zone, Fibonacci’s 61.8%, where the sellers will likely place pressures to take control of the price.

The price, since the 1st of November 2016, has been oscillating bullish between the range of 0.7154 and 0.7401 respectively.

Probable Scenario

The latest formation and stabilization close to the 0.7307 level is a good indication that the sellers may take control over the pair in today’s trading session.

In the event where the pair drops and the sellers take over, the price could decline to 0.7154 Fibonacci’s 0.0%.

The Stochastic oscillator’s main and signal lines have approached the 35 zone signaling that the price has greater probabilities to decelerate.

nzdusd-nov-9-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 0.7401 area Fibonacci’s 100.0%, the price could rise to 0.7556 Fibonacci’s 161.8%.

Today’s Major Announcements

  • The RBNZ Interest Rate Decision, the Monetary Policy Statement, and the RBNZ Press Conference releases are expected to have a strong impact on the New Zealand dollar
  • There are no any releases on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 0.7307

·         Bearish take profit target: 0.7154

·         Stop loss target: 0.7401

·         Alternative trend (Bullish): 0.7401

·         Bullish take profit target: 0.7556