Technical outlook and chart setups:
1. The NZD/USD pair can be said to be pulling back at the moment, from its recent swing highs at 0.8700 levels. Please note that this region has triggered major reversals in the past as well. Short term view indicates that bulls shall remain in control till prices are above 0.8500. It is recommended to buy around 0.8580 levels (only) on a bullish reversal.
2. Immediate support is at 0.8500/20, followed by 0.8420, 0.8250 and lower while resistance is seen at 0.8700/50 and 0.8800 respectively.
3. The structure indicates that NZD/USD should continue to print higher highs and higher lows till prices are above 0.8500 levels. On the flip side, a break of 0.8500 would indicate a top is formed and rallies should be sold there after.
Trading recommendations:
Looking to buy lower. 0.8500 remains the key.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of NZD/USD for March 31, 2014 . Thanks for your support on Technical analysis of NZD/USD for March 31, 2014
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