Greenback to bounce against the Kiwi: Market Forecasts for March 30th – April 3rd

Weekly Technical Outlook: NZD/CHF

• Stop loss 0.769
• Entry level 0.758
• First Target at 0.746
• Next targets to test at 0.743, 0.740

 

 

Technical Analysis

NZD/USD as seen in the image has been rejected on the daily time frame with bearish engulfing bar, and price action suggests that the pair is in for some more downside move for the week as price closed below the fib level 23.6 at the end of the week. With the bearish movement still intact, the downside bias should see the pair in the zone of 0.743, 0.740.

Economic

• New Zealand Money Supply released by the Reserve Bank of New Zealand
• The Building Permits released by the Statistics New Zealand on Tuesday
• FOMC Member Mester speech on Tuesday
• FOMC Member Williams speech on Wednesday, followed by ISM data release forecasted at 52.50
• The Bearish engulfing bar at the key resistance area
• Price Action on the Fib 23.6 level was rejected and closed below the 23.6 level
• Bearish movement still intact with the sellers taking control at the end of the week
• If price reaches the Fib level 50.0 should consider partially exit on the pair

 

Area of Interest

• The Bearish engulfing bar at the key resistance area
• Price Action on the Fib 23.6 level was rejected and closed below the 23.6 level
• Bearish movement still intact with the sellers taking control at the end of the week
• If price reaches the Fib level 50.0 should consider partially exit on the pair

 

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