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    Technical analysis of NZD/USD for March 17, 2016 2016-03-17


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    • The NZD/USD pair continues to move upwards from the level of 0.6726. Today, the first support level is currently seen at 0.6726, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.6726, which coincides with the 78.6% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the NZD/USD pair to trade between 0.6726 and 0.6830. So, the support stands at 0.6726, while daily resistance is found at 0.6830. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.6830. In other words, buy orders are recommended above the spot of 0.6830 with the first target at the level of 0.6880. Moreover, if the pair succeeds in passing through the level of 0.6880, the market will indicate a bullish opportunity above the level of 0.6880. A breakout of that target will move the pair further upwards to 0.6923 so as to form a new double top in the H4 time frame. However, if the NZD/USD pair fails to break out through the resistance level of 0.6726; the market will decline further to the level of 0.6595.

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