Technical analysis of NZD/USD for March 08, 2017

Overview:

• The first resistance level is seen at 0.7000 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.
• The pair fell 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