23.03.2023 03:25 PM
NZD/USD outlook for March 23, 2023

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NZD/USD accelerated Thursday amid the weakening U.S. dollar, reaching the most important resistance level of 0.6270, which has been acting as a kind of balance line since last December (in the medium term).

The key resistance/support level (200 EMA on the daily chart) passes through the mark of 0.6270.

Since December, the pair has been trading "around" this level, also remaining in the range between 0.6530 and 0.6090.

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Below the key long-term resistance levels 0.6720 (200 EMA on the monthly chart), 0.6600 (200 EMA on the weekly chart), 0.6530 (144 EMA on the weekly chart), NZD/USD remains in the global downward trend zone. Therefore, from the current levels, as well as from the levels of 0.6270, 0.6300, 0.6305 (50 EMA on the weekly chart), it is logical to expect a rebound and a revival of the pair's downward dynamics.

The breakdown of short-term support levels 0.6237 (200 EMA on the 4-hour chart), 0.6214 (200 EMA on the 1-hour chart) will be a confirming signal in this case. The immediate target of the decline is the lower limit of the 0.6090 range.

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Alternatively, the price will still break through the 0.6305 resistance level and rush towards the resistance levels 0.6530, 0.6600.

But even in this case, NZD/USD will still remain in the long-term bear market zone, below the key resistance level 0.6720. In other words, you need to build your trading strategy in preference to short positions for the time being, finding good moments to enter them. The current situation, it seems to us, is exactly that at the moment.

Support levels: 0.6270, 0.6260, 0.6245, 0.6237, 0.6214, 0.6200, 0.6090, 0.6000, 0.5975, 0.5900

Resistance levels: 0.6305, 0.6390, 0.6488, 0.6500, 0.6530, 0.6600, 0.6720

Trading scenarios

Sell Stop 0.6250. Stop-Loss 0.6310. Take-Profit 0.6237, 0.6214, 0.6200, 0.6090, 0.6000, 0.5975, 0.5900

Buy Stop 0.6310. Stop-Loss 0.6250. Take-Profit 0.6390, 0.6488, 0.6500, 0.6530, 0.6600, 0.6720

Jurij Tolin,
Analytical expert of InstaForex
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