The NZD/USD pair fell for much of the week, only to turn around and bounce back to finish the week higher. The resulting hammer shows that we are finding support in the area, and the 0.81 level which coincided with the 38.2% Fibonacci retrace seems to have been the catalyst. With this in mind, we see buying opportunities on a break of the highs from the weekly candle. The 0.8450 level will be the first major areas of resistance. The breaking of that level will certainly have this pair rising much higher, and this is where we think this market goes eventually. We are not selling until the 0.80 level is broken to the downside.

NZD/USD

NZD/USD Forecast for the Week of March 19, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.8112
0.8145
0.8194
0.8227
0.8276
0.8309
0.8358

 Fibonacci
0.8145
0.8176
0.8196
0.8227
0.8258
0.8278
0.8309

 Camarilla
0.8220
0.8228
0.8235
0.8227
0.8251
0.8258
0.8266

 Woodie's
-
0.8149
0.8202
0.8231
0.8284
0.8313
-

 DeMark's
-
-
0.8292
0.8235
0.8210
-
-