NZD/USD fell during the session on Tuesday as the reports out of BHP Billiton exec suggested a weakening of Chinese demand for some economically sensitive commodities. The markets may have overreacted, and as a result we still prefer to trade with the trend, with of course is up. The 0.81 level acted as support lately, and the 0.80 level will more than likely be even stronger as the 50% Fibonacci level is just below. With this in mind, we prefer to buy but will wait for the support candle that tells us it's time to.

NZD/USD

NZD/USD Forecast March 21, 2012, Technical Analysis

NZD/USD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.8034
0.8086
0.8139
0.8191
0.8244
0.8296
0.8349

 Fibonacci
0.8086
0.8126
0.8151
0.8191
0.8231
0.8256
0.8296

 Camarilla
0.8164
0.8173
0.8183
0.8191
0.8202
0.8212
0.8221

 Woodie's
-
0.8086
0.8140
0.8192
0.8245
0.8296
-

 DeMark's
-
-
0.8218
0.8178
0.8113
-
-