NZD / USD Technical Analysis Dec 7

Elias Kazamias | @ |

Will the NZDUSD drop at 0.7121?

The NZDUSD stabilized close to the 0.7121 zone, Fibonacci’s 61.8%, where the sellers will likely place pressures to take control of the price.

The price, since the 6th of December 2016, has been mostly oscillating between the range of 0.7168 and 0.7121 respectively.

Probable Scenario

The latest formation and stabilization close to the 0.7121 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 0.7043 Fibonacci’s 0.0%.

The Stochastic oscillator’s main and signal lines have approached the 75 zone signaling that the price has greater probabilities to decelerate.

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 0.7168 area Fibonacci’s 100.0%, the price could rise to 0.7246 Fibonacci’s 161.8%.

Today’s Major Announcements

  • There are no any releases on the New Zealand dollar
  • The EIA Crude Oil Stocks Change (Dec 2) and the Consumer Credit Change (Oct) releases are expected to have a medium impact on the U.S. dollar

Synopsis

·         Probable trend (Bearish): 0.7121

·         Bearish take profit target: 0.7043

·         Stop loss target: 0.7168

·         Alternative trend (Bullish): 0.7168

·         Bullish take profit target: 0.7246

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