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    Technical analysis of NZD/USD for March 09, 2016 2016-03-09

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    NZD/USD is turning down. The pair seems to have lost its upward momentum, and is slightly turning down. The nearest resistance at 0.6780 maintains the selling pressure, and the 20-period moving average is reversing down calling for a new drop. The relative strength index is below its neutrality area of 50 with a bearish bias. In these perspectives, as long as 0.6780 holds on the upside, look for a return to 0.6695 & 0.6670 in extension.

    Trading recommendations:

    The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6695. A break of this target will move the pair further downwards to 0.6640. The pivot point stands at 0.6780. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6820 and the second target at 0.6860.

    Resistance levels: 0.6820, 0.6860, 0.69

    Support levels: 0.6695, 0.6640, 0.6590


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