NZD/USD Weekly outlook 19 March – 23 March
The Kiwi initially fell off against the greenback last week, however was able to claw back early losses closing the week modestly higher. The weekly chart produced a bullish pin bar; suggesting further gains could be expected.
As seen in the chart above, 0.8200 has proven a strong support and resistance level in previous trading. Last week’s initial fall and subsequent close above 0.8200 may prove a significant event for the pair.
With the bullish price action and the weakening Dollar, we’ll be looking to long the pair. Placing a limit order at a 50% retracement of last week’s pin, we’ll aim to initially target the 0.8450 area which is the next level of resistance, placing our stops just below last week’s lows.
