Technical analysis of NZD/USD for March 24, 2016

Overview:

The NZD/USD pair opened below the daily support of 0.6724. It continued to move downwards from the level of 0.6724 to the bottom around 0.6670. Today, the first resistance level is seen at 0.6724 followed by 0.6758, while daily support 1 is seen at 0.6645. Equally important, the RSI starts signaling a downward trend, and the trend is still showing weakness below the moving average (100). Therefore, the market is indicating a bearish opportunity below 0.6724. Consequently, it will be good to sell at 0.6724 with the first target of 0.6645. It will also call for a downtrend in order to continue towards 0.6609.

On the other hand, if the market is able to break the second resistance at 0.6759. From this point, we expect the NZD/USD pair to continue moving in the bullish trend from the resistance level of 0.6759 towards the target level of 0.6809. If the pair succeeds in passing through the level of 0.6809, the market will indicate the bullish opportunity above the level of 0.6809 in order to reach the second target at 0.6873 (double top).