Technical analysis of NZD/USD for November 12, 2014 Market Analysis Review

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.

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 material has been provided by InstaForex Company - www.instaforex.com

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