1)The market has been steadily holding above the upper band of the longterm downtrend channel that started in March 2019(black lines). Until recently the price had been consolidating since 20th of November and finally intends to climb up in a quite decisive manner as you can see today (12/2/2019) - these signs hint on a strong potential of the main trend reversal. Besides, the evidence that supports the major trend reversal is the apparent rebound from the area of long-term support (marked as a grey area 0.8253-0.8320).
Overall, the current trend reversal (the trend has started in March 2019) may be perceived as a correction of a bigger megatrend that's begun in November 2016. My modest target would be 0.8700, (0.382-0.5 fib level of the last downtrend since April 2019.) or the price might extend to the upper band of the mega downtrend - 0.9000.
2)We can see that the market successfully tested the support "B" (Nov 14-19) and the newly formed support "A" (Nov 21-29) outside of the down-channel forming numerous spinning top candle patterns and finally giving up on any downward attempts and skyrocketing followed by the enormous white candle 12/2/2019.
In case of the opening any news positions at the moment, the reasonable point of bailing out from the position would be below 0.8500. You might wait for a pullback to get in or consider jumping on during the current momentum if you don't believe there would ever be any pullback and you're ready to sacrifice your risk/reward ratio for this trade.
3)The recent positive economic data from China - Caixin Manufacturing PMI (51.8 vs 51.7 prev.) might give a boost to NZD. The uncertainty around US&China trade relationship as the most recent trade deal was "stalled" due to Hong Kong enactment doesn't support North America's second-biggest economy as well.
Overall, the current trend reversal (the trend has started in March 2019) may be perceived as a correction of a bigger megatrend that's begun in November 2016. My modest target would be 0.8700, (0.382-0.5 fib level of the last downtrend since April 2019.) or the price might extend to the upper band of the mega downtrend - 0.9000.
2)We can see that the market successfully tested the support "B" (Nov 14-19) and the newly formed support "A" (Nov 21-29) outside of the down-channel forming numerous spinning top candle patterns and finally giving up on any downward attempts and skyrocketing followed by the enormous white candle 12/2/2019.
In case of the opening any news positions at the moment, the reasonable point of bailing out from the position would be below 0.8500. You might wait for a pullback to get in or consider jumping on during the current momentum if you don't believe there would ever be any pullback and you're ready to sacrifice your risk/reward ratio for this trade.
3)The recent positive economic data from China - Caixin Manufacturing PMI (51.8 vs 51.7 prev.) might give a boost to NZD. The uncertainty around US&China trade relationship as the most recent trade deal was "stalled" due to Hong Kong enactment doesn't support North America's second-biggest economy as well.