Kiwi Topping the Dollar- Market Forecasts for March 16th – March 20th

Weekly Technical Outlook : NZD/USD

  • Stop loss 0.7183
  • Entry level 0.7308
  • First Target at 0.7429
  • Next target to test at 0.7494

 

Kiwi Topping the Dollar- Market Forecasts for March 16th – March 20th
Kiwi Topping the Dollar- Market Forecasts for March 16th – March 20th

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Technical Analysis

NZD/USD pair on the weekly chart has re-tested the flip area where price which acted as resistance has become a strong area of support. The price action for the past couple of week on the weekly chart has tried to break the levels but had been unsuccessful.

The pin bar formation at this key support area proved to be very strong for the upward bias with price action suggesting that the pair is in for some more upward bias should the pair make a pull-back before continuing to the upside movement..

Economic

  • US building permits continue to disappoint from January for the year. We don’t see much improvement going into Tuesday.
  • US Rate decision on Wednesday. We expect no changes in the rate decision
  • NZD GDP looks expanding strongest gain possible in the last decade.
  • US unemployment data is forecasted at 289 K
  • US Philadelphia Fed Manufacturing Survey

Area of Interest

  • NZD/USD pair is at a flip area where price which was held at resistance, is now turning at support.
  • Price action created a false break on the weekly chart and has retested the levels again.
  • The pin bar moved the pair to 38.2 levels and retesting the 61.8 level.
  • Will look for a pullback to 0.7308 levels on the pair for Entry.
  • The Fib level 23.6 should be a key area if price does go past the 0.7494 level.

 

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