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    Technical analysis of NZD/USD for March 29, 2016 2016-03-29

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    Overview:

    • The NZD/USD pair rebounded from the major support level of 0.6717 and it is approaching its support now in order to test it. Moreover, it should be noted that the level of 0.6717 represents a weekly pivot point this week. So, it will probably start moving upside in this area and recover again.
    • Amid the previous events, the pair is still in an uptrend, because the NZD/USD pair is trading in a bullish trend from the new support line of 0.6717 towards the first resistance level at 0.6770 in order to test it.
    • Therefore, buy at this spot with the first target at 0.6770 to form the double top (it should be noted that the level of 0.6765 represents the weekly resistance 1). If the pair succeeds to pass through the level of 0.6770, the market will indicate a bullish opportunity above the level of 0.6770.
    • However, if the NZD/USD pair fails to break through the resistance level of 0.6770 today, the market will decline further to 0.6667 (double bottom).
  • Amid the previous events, the pair is still in an uptrend, because the NZD/USD pair is trading in a bullish trend from the new support line of 0.6717 towards the first resistance level at 0.6770 in order to test it.
  • Therefore, buy at this spot with the first target at 0.6770 to form the double top (it should be noted that the level of 0.6765 represents the weekly resistance 1). If the pair succeeds to pass through the level of 0.6770, the market will indicate a bullish opportunity above the level of 0.6770.
  • However, if the NZD/USD pair fails to break through the resistance level of 0.6770 today, the market will decline further to 0.6667 (double bottom).

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