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    Technical analysis of NZD/USD for March 16, 2016 2016-03-16

     

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    NZD/USD is under pressure. The pair is heading downward, capped by its negative 20-period and 50-period moving averages. The relative strength index is bearish below its neutrality area at 50, and also lacks upward momentum. The process of lower highs and lows remains intact, which should confirm a bearish outlook. As long as the resistance at 0.6660 is not surpassed, the risk of the break below 0.6570 remains high.

    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 0.6570. A break of this target will move the pair further downwards to 0.6540. The pivot point stands at 0.6660. 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 0.6705 and the second target at 0.6730.

    Resistance levels: 0.6705, 0.6730, 0.6770

    Support levels: 0.6570, 0.6540, 0.65


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