Technical Analysis
20.11.2020, 13:19

NZD / USD under bulls control

Today, the NZD / USD pair rose again to the end of March 2019 high of $0.6945. On the hourly chart, the pair is trading above the moving average line of MA (200) H1 ($0.6880), and on the four - hour chart it is significantly higher than MA (200) H4 ($0.6715). In this situation, finding a buy position can probably be a wise decision for those who want to take advantage of the stronger New Zealand dollar. It is worth noting that the 14-day relative strength index (RSI (14) on D1) is above the level of 70, which signals a possible change in the direction of price movement.

Resistance levels are at: $0.6970, $0.7025, $0.7055

Support levels are at: $0.6875-80, $0.6810, $0.6750

The main scenario for the pair's promotion - continuation of the upward movement to $0.6970 (December 4’2018 high)

An alternative scenario - support breakout of $0.6875-80 (November 17-19 lows, MA (200) H1) and may be down to $0.6810 (November 13 lows)

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