NZD USD fails to settle positively – Analysis - 27/03/2015

The NZDUSD pair returned to trade negatively and settle below 0.7610 level, which stops the positive effect of the double bottom pattern temporarily, and that makes us stop our positive overview temporarily until the price confirms its next destination, as we need a clearer confirmation signal for the trend that we will get through breaching one of the key levels represented by 0.7470 support and 0.7655 resistance.

Breaching the mentioned resistance will reactivate the above mentioned bullish pattern’s effect, followed by targeting 0.7905 then 0.8045 levels, while breaking the support will push the price back to the main bearish channel, to target 0.7330 followed by 0.6860 areas on the short term basis.

Expected trading range for today is between: 0.7460 support and 0.7700 resistance.

Expected trend for today: Neutral