Technical Analysis of NZD/USD for March 28, 2016
NZD/USD is expected to trade with a bearish bias in holiday trading. The pair is trading below its key resistance at 0.6640, and is likely to challenge it in sight, as the relative strength index is below the neutrality area of 50. Below 0.6745, look for a new drop to 0.6660 and 0.6625 in extension.
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 0.666. A break of this target will move the pair further downwards to 0.6625. The pivot point stands at 0.6745. 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 0.6790 and the second target at 0.6830.
Resistance levels: 0.6790, 0.6835, 0.6870
Support levels: 0.666, 0.6625, 0.66
The material has been provided by InstaForex Company - www.instaforex.com