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Home » Daily Technical Reports » NZD/USD Today Technical Report 31/03/2016

NZD/USD Today Technical Report 31/03/2016

NZD/USD traded lower after it hit resistance at 0.6965 (R1). The price structure on the 4-hour chart suggests that the pair could continue higher in the near future, but for now, I see signs that the retreat may continue for a while. A break back below 0.6880 (S1) would confirm the case and perhaps challenge the 0.6840 (S2) barrier. Further retreat is also supported by our short-term oscillators. The RSI has topped within its overbought territory and has just fell below its 70 line, while the MACD, although positive, has topped and could fall below its trigger line soon. Switching to the daily chart, I see that yesterday, the rate managed to overcome the key resistance (now turned into support) zone of 0.6880 (S1), which is the upper bound of the sideways range the pair had been trading between that resistance and the support area of 0.6400. In my view, this has turned the medium-term picture to the upside as well.

NZD 31

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