Technical Analysis of NZD/USD for March 04, 2016
Overview:
- The NZD/USD pair faced resistance at the level of 0.6774, while minor resistance is seen at 0.6750. Support is found at the levels of 0.6729 and 0.6693. Pivot point has already been set at the level of 0.6750. Equally important, the NZD/USD pair is still moving around the key level at 0.6750, which represents a daily pivot in the H1 time frame at the moment. Yesterday, the NZD/USD pair continued moving upwards from the level of 0.6695. The pair rose to the top around 0.6766 from the level of 0.6695 (coincides with the ratio of 61.8% Fibonacci retracement). In consequence, the NZD/USD pair broke resistance, which turned into strong support at the level of 0.6695. The level of 0.6695 is expected to act as the major support today. We expect the NZD/USD pair to continue moving in the bullish trend towards the target level of 0.6766.
- On the downtrend:
- If the pair fails to pass through the level of 0.6766, the market will indicate a bearish opportunity below the level of 0.6766. So, the market will decline further to 0.6729 and 0.6695 to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 0.6670. On the other hand, if a breakout happens at the support level of 0.6766, then this scenario may be invalidated.
The material has been provided by InstaForex Company - www.instaforex.com
