Forex Technical Analysis of NZDUSD for March 16, 2015 | Forex Signals Market
Monday, March 16, 2015

Forex Technical Analysis of NZDUSD for March 16, 2015

Resistance           -    R1 : 0.7401 | R2 : 0.7452 | R3 : 0.7497
Support              -    S1 : 0.7306 | S2 : 0.7261 | S3 : 0.7210
Trend                -    Bearish
Recommended position -    Short

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EURUSD - ECB President Draghi's Speech

According to the charts of forex technical analysis for the exchange rate NZDUSD, we can observe at 4H charts that the price find support at 0.7207 level and react upwards.


After this move have formed to Andrews Pitchfork and we have to wait which of them will include the price action. We have to notice that EMA(50) and EMA(200) have a downward cross and the price remain below EMA(50) and EMA(200).
On 1H chart, technical view is exactly the same. Also RSI is above of 50 level.

Considering all the details of the charts of forex technical analysis we can detect all critical levels and trading targets for H1 and H4 timeframes.

Forex Technical Analysis

4H Chart


The area 0.7360 - 0.7335 is a neutral zone.

Bullish scenario : If the price move upwards and close above the neutral zone, then the upward trading targets will be : 0.7400, 0.7740, 0.7500

Bearish scenario : If price move downwards and close below the neutral zone, then the downward trading targets will be: 0.7265, 0.7190, 0.7150, 0.7100.

1H Chart


The area 0.7338 - 0.7325 is a neutral zone.

Bullish scenario : If the price move upwards and close above the neutral zone, then the upward trading targets will be : 0.7380, 0.7400, 0.7440.

Bearish scenario : If price move downwards and close below the neutral zone, then the downward trading targets will be: 0.7290, 0.7260, 0.7225, 0.7188.

Using the above elements of forex technical analysis, everyone can plan his own personal forex trading strategy . We note the need to use levels of stop loss.

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