#NZDUSD: Kiwi holding 0.7000 but seems to have plenty of downside #fx #forex #trading

By | November 21, 2016
NZDUSD: 0.7007
Resistance Support
0.7140 14 Nov high 0.7015/12 200 DMA
0.7110 (23.6% of 0.7401/0.7035) 0.7000 Friday low
0.7090 Minor 0.6951 21 July low
0.7060 Head Shoulder Neckline 0.6933 (50% pivot of 0.7743/0.7485)
0.7040 Minor 0.6915 (50% pivot of 0.6345/0.7485)

Bias

 The Kiwi remained heavy heading onto the weekend, although it was more resilient than the Aud and managed to hang on above 0.7000. How long for seems doubtful given the look of the longer term indicators and the downside still seems to be the direction to concentrate on. A break below 0.7000 will quickly head towards 0.6950, I suspect, below which, decent bids should arrive at 0.6915/35, although if we break 0.6890 there is nothing to hold it up until we reach 0.6830. In the bigger picture, as I said before, note that the Kiwi appears to be building a decent sized head/shoulder formation, with a neckline at 0.7060, which, now broken, would have an objective at 0.6570. On the topside, sellers will again arrive at the neckline at 0.7060 (Friday high) and then again at 0.7100/10, which if seen (doubtful) would again be a sell area with a SL placed above 0.7140.

24 Hour: Mildly bearish –Prefer to sell rallies

Medium Term: Bearish

Economic data highlights will include:

M: NZ PPI

T: BZ NZ Visitor Arrivals

W:

T:

F: NZ Trade Balance

Meta Trader
NZDUSD: 4 Hour

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