Technical analysis of NZD/USD for March 08, 2018

NZDUSDH4.png

Overview:

  • The NZD/USD pair continued moving upwards from the level of 0.7200 (50% Fibonacci reterecament level).
  • The pair rose from the level of 0.7200 to the top around 0.7285. Today, the first support level is seen at 0.7200 followed by 0.7145, while daily resistance is seen at 0.7336.
  • According to the previous events, the NZD/USD pair is still moving between the levels of 0.7200 and 0.7336.
  • This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.
  • Furthermore, if the trend is able to break out through the first resistance level of 0.7336, we should see the pair climbing towards the new double top (0.7437) to test it.
  • On the contrary, if a breakout takes place at the support level of 0.7200, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.7145 (green horizontal line).
The material has been provided by InstaForex Company - www.instaforex.com