NZD/USD Price Forecast March 29, 2018, Technical Analysis

The New Zealand dollar fell during trading on Wednesday, breaking through the 0.7250 level. Because of this, we tested the 0.72 level, which is a level that should be aware of as it has seen support there previously. If we can break above the 0.7250 level, the market should then go to the 0.7350 level. This is a market that will continue to react to the overall attitude of traders, so by paying attention to stock markets and of course commodity markets, you can get an idea as to where the NZD/USD pair may go next.

If we break down below the 0.72 level, the market will probably go down to the 0.7150 level, which has been massive support as of late. I think that the overall attitude of the market is probably bullish though, so ultimately, we should see buyers jump in at the first opportunity. I think that the 0.7350 level above should be massive resistance, but that’s an area that has been broken before. Regardless what happens, I imagine that the market will be very volatile and difficult, so keep your position size small, but that’s probably a good idea for most currency pairs right now, as the Forex markets have been very noisy in general. The US dollar is facing a lot of different headwinds, although if we are lucky, we may get an impulsive move, perhaps on signs of the trade war being completely avoided. That should obviously send this market higher.