Morgan Stanley made weekly forecast for NZD/USD suggesting to sell this pair at 0.6500 level with 0.6350 as the target. Let's evaluate the situation related with this forecast in the technical point of view.
NZD/USD: breakdown with bearish reversal. This pair is on
breakdown located to below 200 period SMA (200 SMA) - the price is breaking 100 period SMA (100 SMA) from above to below for the breakdown to be continuing. The nearest key support level is Fibo level at 0.6496, and if this level is broken so the price will be started to be reversed to the primary bearish market condition, and the bearish breakdown will be continuing. The nearest bearish target in case of short NZD/USD at 0.6500 is the trendline on triangle symmetric pattern located near 0.6350 for now.
There are the following news events which will be affected on NZD/USD price movement for the week:
- 2015-11-10 01:30 GMT | [CNY - CPI]
- 2015-11-10 20:00 GMT | [NZD - RBNZ Financial Stability Report]
- 2015-11-10 20:00 GMT | [NZD - RBNZ Gov Wheeler Speaks]
- 2015-11-11 05:30 GMT | [CNY - Industrial Production]
- 2015-11-11 21:30 GMT | [NZD - Business NZ Manufacturing Index]
- 2015-11-11 13:30 GMT | [USD - Core Retail Sales]
| Resistance | Support |
|---|---|
| 0.6591 | 0.6496 |
| 0.6896 | 0.6350 |
