NZD USD approaches the key support – Analysis - 31/03/2015

The NZDUSD pair continues to decline gradually to approach from the previously breached resistance of the bearish channel that turns into support now at 0.7440, as this support represents one of the next trend keys besides 0.7655 resistance, and as we mentioned in our recent reports, the price needs to breach one of these levels to detect the next targets clearly.

Therefore, we need to continue with our neutrality until we get clearer signal for the next trend, reminding you that breaking the mentioned support will turn the price back to the bearish channel followed by targeting 0.7330 followed by 0.6860 levels, while breaching the resistance will lead the price to achieve intraday and short term gains that its main targets reach to 0.8045.

Expected trading range for today is between: 0.7350 support and 0.7600 resistance.

Expected trend for today: Neutral