The pair NZD/USD has reached the targets and moved as per the alternative scenario described in the review of 16 March. Recommendations of the previous forecast of March 16 were as follows: Buy Stop: 0.6640. Stop-Loss: 0.6590. Take-Profit: 0.6685, 0.6700, 0.6770, 0.6860, 0.6900 and 0.7240 and the target level of 0.6860 (Fibonacci 23.6%) has been reached.

Today, the pair NZD/USD is likely to decline as long positions might be closed and profit can be locked at the end of the week.

On 4-hour chart the indicators OsMA and Stochastic are reversing towards the short positions. It is likely that the price will go to 0.6770 (ЕМА200 on the daily chart). Consolidation of the price below this level can trigger the decline to 0.6685 (ЕМА144) and 0.6650. Breakout of support level of 0.6610 will bring the price back to downtrend within the descending channel on the daily chart with the bottom limit at the level of 0.6200.

Consolidation above the level of 0.6900 can lead the pair to 0.7240 (Fibonacci 38.2%) and 0.7350 (ЕМА144 on the weekly chart).

However, implementation of this scenario is hardly possible because of different the monetary policies of the banks of New Zealand and the USA, slowdown of the world economy, especially the economy of China.

Support levels: 0.6770, 0.6685, 0.6650, 0.6610, 0.6585, 0.6525, 0.6490, 0.6410, 0.6370 and 0.6260.
Resistance levels: 0.6860 and 0.6900.

Trading tips

Stop-Loss: 0.6840. Take-Profit: 0.6770, 0.6685, 0.6650 and 0.6610.
Buy Stop: 0.6870. Stop-Loss: 0.6840. Take-Profit: 0.6900, 0.7000, 0.7100 and 0.7240.

NZD/USD: upward breakout

NZD/USD: upward breakout

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