Forex Analysis: 20 Mar 2017, 10:41 UTC+00

Technical analysis of GBP/USD for March 20, 2017

GBPUSDH4.png

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Overview:

  • The NZD/USD pair is continuing to rise from the level of 1.2249 in the long term. It should be noted that the support is established at the level of 1.2336 which represents the 38.2% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same timeframe. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 1.2336. So, buy above the level of 1.2336 with the first target at 1.2478 in order to test the daily resistance 1 and further to 1.2578. Also, it might be noted that the level of 1.2578 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 1.2249 - 1.2336, a further decline to 1.2108 can occur which would indicate a bearish market in coming days.

Performed by
analytical expert: Mourad El Keddani
InstaForex Group © 2007-2017
 Published: 20 Mar 2017, 10:41 UTC+00

 
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