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

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    NZD/USD is expected to continue the rebound. The pair has recovered notably since yesterday. A support base has formed around 0.6620, and has allowed for a stabilization. Furthermore, the 20-period moving average is turning up, and should continue to push the prices higher. In which case, as long as 0.6620 holds on the downside, look for further advance to 0.6725 and 0.6775 (Feb. 26 top) in extension.

    Trading recommendations:

    The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.6725 and the second one at 0.6775. In the alternative scenario, short positions are recommended with the first target at 0.6590 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6560. The pivot point is at 0.6620.

    Resistance levels: 0.6725, 0.6775, 0.6825

    Support levels: 0.6590, 0.6560, 0.65


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