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Technical analysis of NZD/USD for March 02, 2016 2016-03-02

Overview:

  • The NZD/USD pair was trading in a narrow sideways channel, and the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.6646 and 0.6567. In the H1 time frame, resistance and support are seen at the levels of 0.6646 and 0.6567, respectively. Besides, the double top is already set at the point of 0.6661. Therefore, it is recommended to be careful while placing orders in this zone. Consequently, we need to wait until the sideways channel becomes completed.
  • The current price is seen at 0.6616, which represents a key level, because the level of 0.6616 will act as the first resistance today. Hence, if the pair fails to pass through the level of 0.6616, the market will indicate a bearish opportunity below the resistance level of 0.6616. As a result, sell deals are recommended below the level of 0.6616 with the first target at 0.6567. If the trend breaks the support level of 0.6567, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6544 in order to form a new double bottom in the same time frame.
  • The current price is seen at 0.6616, which represents a key level, because the level of 0.6616 will act as the first resistance today. Hence, if the pair fails to pass through the level of 0.6616, the market will indicate a bearish opportunity below the resistance level of 0.6616. As a result, sell deals are recommended below the level of 0.6616 with the first target at 0.6567. If the trend breaks the support level of 0.6567, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6544 in order to form a new double bottom in the same time frame.
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