Technical analysis NZDUSD for 11.10.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 0.56260. The closest support is the level 0.55070

Key levels

• 0.58000, 0.57090, 0.56260, 0.55070, 0.54240, 0.53390

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.56260, with Take Profit of 0.57090 and Stop Loss of 0.55650

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.55070, with Take Profit of 0.54240 and Stop Loss of 0.55650