NZDUSD Analysis 23.11.2018

The New Zealand dollar fluctuated in a tight range slipping towards the Asian session to see a rebound to the fourth session in six sessions since June 26th against the US dollar amid a lack of economic data in the last session of the week by the New Zealand economy and on the eve of developments and economic data expected On Friday by the US economy, the world's largest economy.

At 04:08 GMT, the New Zealand dollar was down 0.07% at 0.6809 compared to the opening levels of 0.6814 after the pair reached a low of 0.6802 and a high of 0.6815.

The market is currently looking for a preliminary reading of the PMI index for the US for the month of November, amid expectations of the expansion of the industrial sector to 55.8 compared to 55.7 last October and the expansion of the service sector to 55.0 Compared with 54.8 in October.

Technical analysis:

The NZDUSD attempted to breach 0.6795 yesterday but was unable to hold below it, and the price is currently below the moving averages, noting that Stochastic is approaching the overbought areas, to form a negative factor, we expect the price to trigger the desired break and then Open the way towards our negative targets starting at 0.6700 then 0.6654.

All in all, we will maintain our bearish bias unless the 0.6850 level is breached and stability above it.

The trading range for today is among the key support at 0.6720 and resistance at 0.6880.

Support and resistance:

Support: 0.6800-0.6720;

Resistance: 0.6880-0.6972.

The general trend for today is bearish.