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

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Overview:

  • The NZD/USD pair will continue rising from the level of 0.6671 today. So, the support is found at the level of 0.6671, which represents the 50% Fibonacci retracement level in the H1 time frame. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. Therefore, the NZD/USD pair is continuing with a bullish trend from the new support of 0.6671. The current price is set at the level of 0.6695 that acts as a daily pivot point seen at 0.6695. Equally important, the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.6671 and 0.6749. Therefore, strong support will be formed at the level of 0.6670 providing a clear signal to buy with the targets seen at 0.6730. If the trend breaks the support at 0.6730 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 0.6749 in order to test the daily resistance 2. In the same time frame, resistance is seen at the levels of 0.6730 and 0.6749. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 0.6640 (below the support 2).


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