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Technical analysis of NZD/USD for March 12, 2015

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Overview:
  • The market of the NZD/USD pair is continuing to show signs of strength following the break at the prices of 0.7260 and 0.7345. Therefore, the resistances of the NZD/USD pair have broken and were turned into supports since yesterday. Moreover, the pair has already formed strong support at the level of 0.7260. So, the market indicates a bullish opportunity at the levels of 0.7260 and 0.7345 with the first target of 0.7391 and continues towards 0.7449 which represents the ratio of 38.2% Fibonacci retracement levels. On the other hand, if the trend can break this level and close below 0.7345, it will be a rather convincing downside momentum. The structure of the fall does not look corrective, for that the market will indicate the bearish opportunity at the price of 0.7345. As a result, it will be a good sign to sell at this level with a range of 0.7345 - 0.7257, but it should be kept in mind that stop loss should never exceed your maximum exposure amounts.
Today:
  • Major support will be set at the level of 0.7260
  • Major resistance will be set at the level of 0.7450.
  • We expect a new range about 73 pips.
Notes:
  • If the trend is upward, the strength of the currency will be defined as follows: NZD is in an uptrend and USD is in a downtrend.
  • Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
  • Fibonacci is in a range trade; it looks like the trend is trapped moving up or down. If you sell or buy in the long term, you will surely lose your profit.
  • Stop loss should never exceed your maximum exposure amounts. So, your stop loss should be around 53 pips for each position.

Mourad El Keddani neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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