04.03.202200:03 Forex Analysis & Reviews: Technical analysis of NZD/USD for March 03, 2022

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Overview :

The NZD/USD pair faces resistance at 0.6807, while strong resistance is seen at 0.6851.

Support is found at the levels of 0.6739 and 0.6717. Today, the NZD/USD pair continues to move downwards from 0.6807 level.

The pair fell from 0.6807 level to the bottom around 0.6739 (first support).

The 0.6807 level is expected to act as minor support. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.6807 level towards the target at 0.6717.

In the long term, if the pair succeeds in passing through 0.6717level, the market will indicate the bearish opportunity below 0.6717 level in order to reach the second target at 0.6670 in the H1 time frame.

However, the 0.6670 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.6670 level as long as this level is not breached.

Briefly; the market will indicate a bearish opportunity below the strong resistance level of 0.6807 (the level of 0.6807 coincides with the ratio of 100% Fibonacci retracement).

Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.6807 with the first target at 0.6739 so as to test the double bottom.

If the trend breaks the double bottom level of 0.6739, the pair is likely to move downwards continuing the development of a bearish trend to the level of 0.6670 in order to test the weekly support 3.

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