Technical analysis of NZD/USD for March 07, 2017

Overview:

• Today, the first resistance level is seen at 0.7000 (the daily pivot point) followed by 0.7072, while daily support 1 is found at 0.6942. The NZD/USD pair continues to move downwards from the level of 0.6942. Yesterday, the pair dropped from the level of 0.7072 to the bottom around 0.6970. Besides, the level of 0.7072 represents a weekly pivot point for that it is acting as major resistance this week. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7072 towards the first support level at 0.7000 in order to test it again. If the pair succeeds to pass through the level of 0.7000, the market will indicate a bearish opportunity below the level of 0.7000. Additionally, if the NZD/USD pair is able to break out the bottom at 0.7000, the market will decline further to 0.6942 and 0.6884 in order to test the daily support 2. However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 0.7072.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com