FX.co ★ Technical analysis of NZD/USD for March 20, 2014

The psychological level: 0.8525.

Notes:

• It should be noted that the key level is set at the level of 0.8525.
• Moreover, the 0.8525 level is coinciding with the weekly pivot point on March 20, 2014.
• We expect a range about 130 pips from today until tomorrow.
• Equally important, the resistance had already formed at the 0.8613 level.
• As it is known, history will probably repeat itself at this level again.

Trading recommendations:

• According to the previous events, the NZD/USD pair has still been moving between 0.8515 and 0.8580. Therefore, it will a good sign to sell below 0.8503 with the first target of 0.8530. If the trend breaks the weekly pivot point, then it will call for downtrend in order to continue its bearish movement towards 0.8260. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the resistance at the price of 0.8650.