Technical analysis of NZD/USD for March 29, 2018

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Overview:

The NZD/USD pair dropped sharply from the level of 0.7245 towards 0.7187. Now, the price is set at 0.7200. On the H1 chart, the resistance is seen at the levels of 0.7227 and 0.7245. Volatility is very high for that the NZD/USD pair is still expected to be moving between 0.7245 and 0.7170 in coming hours. In the short term, we expect the NZD/USD pair to continue to trade in a bearish trend from the new resistance level of 0.7227 to form a bearish channel. Also, it should be noted that major resistance is seen at 0.7245, while immediate resistance is found at 0.7227. According to the previous events, the pair is likely to move from 0.7245 towards 0.7170 and 0.71 52 as targets. However, if the pair fails to pass through the level of 0.7245, the market will indicate a bullish opportunity above the level of 0.7245. Moreover, a breakout of that target will move the pair further upwards to 0.7302. So, the market will rise further to 0.7302 in order to test the double top at the same time frame.

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