TechnoMeter

• "The New Zealand Dollar looks poised to challenge two-month highs against its US counterpart below the 0.69 figure having extended upward for a third consecutive day. Prices have also broken above trend line resistance capping gains since July 2014, hinting a larger reversal may be ahead."
• "A daily close above the 0.6884-97 area marked by the 50% Fibonacci expansion and the October 15 high opens the door for a challenge of the 61.8% level at 0.6932. Alternatively, a move back below support-turned-resistance at 0.6836, the intersection of the trend line and the 38.2% Fib, paves the way for a retest of the 23.6% expansion at 0.6777."
• "Risk/reward considerations argue against taking a trade at current levels. First, prices are too close to resistance to justify entering long. Second, the absence of a clear-cut bearish reversal signal suggests taking up the short side is premature."

The daily price is on bullish market condition for the ranging within the following key reversal support/resistance level:

• 0.6896 resistance level located far above Ichimoku cloud in the bullish area of the daily chart, and
• 0.6492 support level located below Ichimoku cloud in the bearish area.

Absolute Strength indicator is estimating the flat condition, and Trend Strength indicator is forecasting the bullish trend to be continuing.



If the price will break 0.6492 support level so the price will be reversed to the bearish market condition with 0.6427 level as the next bearish target.
If the price will break 0.6896 resistance level so the bullish trend will be continuing.
If not so the price will be ranging within the levels.

• Recommendation for long: watch close price to break 0.6896 for possible buy trade
• Recommendation to go short: watch the price to break 0.6492 support level for possible sell trade with 0.6427 target for re-enter
• Trading Summary: ranging bullish

Resistance	Support
0.6885	0.6492
0.6896	0.6427

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