NZD/USD Price Forecast March 8, 2018, Technical Analysis

The New Zealand dollar went back and forth during the trading session on Wednesday, bouncing around the 0.7275 level, but then broke down a bit towards the 0.7250 level on the bottom. I think it that area, we should see a lot of buying pressure. At this point, I think that eventually we will go looking towards the 0.7350 level, an area that has been important in the past. I also recognize that there’s a lot of support below, so if we do break down, I think it will be a fight to get down below the 0.72 handle. A move underneath there should send the New Zealand dollar are looking to the 0.70 level, but it’s very likely that it would coincide with some type of Global selloff of risk appetite in general.
In the meantime, I anticipate that there are probably value hunters looking to take advantage of these cheap prices for the Kiwi dollar, but I think there is a lot of concern out there when it comes to global trade, and of course geopolitical headlines. Ultimately, this is going to be one of the riskier currency pairs that I follow here at Eracash, but I think it does offer a buying opportunity once we get some type of stability over several hours.

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