Forex Analysis & Reviews: 03.03.2015 - Technical analysis of...

03.03.2015 12:45 PM

Technical analysis of NZD/USD for March 3, 2015

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Overview:

The NZD/USD pair will continue its rise straight from the level of 0.7449 (38.2% of Fibonacci retracement levels on the H4 chart). Moreover, it is probably going to form a double bottom at the same time frame. Therefore, the NZD/USD pair is showing signs of strength following the break of the highest level of 0.7450, so it will be a good sign to buy above the level of 38.2% of Fibonacci with the first target of 0.7542 and further to 0.7617 (it will act as a strong resistance, so it will be a good place to take profit). It should be also noted that this level of taking profit will coincide with 61.8% of Fibonacci retracement level. However, in case if a reversal takes place and the NZD/USD pair breaks through the support level of 0.7449, the market will decline further to 0.7403 in order to indicate a bearish market.

Trading recommendations:

According to the previous events, the price will be moving between the levels of 0.7613 and 0.7448.
Buy above the price of 0.7448 with the first target of 0.7545, it might resume to 0.7610.
Look for further downside with 0.7400 and 0.7375 targets below the levels of 0.7440/0.7435.

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