NZD/USD: Weekly Technical Analysis for March 10-14, 2014

Pin It


The NZD/USD rallied from support 0.8280(February 26, 2014 low) and extended gains in the previous week’s trading session. The pair later topped out at 0.8521 to make a resistance and rejection pattern on the Daily charts as price failed to penetrate 0.8446 resistance (October 22, 2013) after the announcement of the U.S Non-Farm Pay Roll.


Short term bias in the pair remains on the downside with a Pin bar formation on the daily charts and an engulfing rejection pattern on the 4hours time-frame with Volumes supporting. A break of the 0.8443 support (March 7, 2014 low) could see further supply to 0.8250 psychological zones.


However, a break of 0.8542 resistance would resume the bullish trend and demand to 0.8675 resistance (April 7 2013 high) is expected. Economists are speculating that the reserve bank of New Zealand would hike present Interest Rate with 25bps (2.50% to 2.75%) in its next meeting scheduled on March 12, 2014. This might bring further strength in the New Zealand currency against its major counterparts.





Pin It

InstaForex Nigeria Office, we do fast funding/withdrawals in Naira

Please call 08065167701 or email:

Or visit us at
Suite 12,Block A, Bola Tinubu Shopping Complex,
Besides Agege Local Govt Secretariat, Pen Cinema,
Agege, Lagos State.