Technical analysis of NZD/USD for March 27, 2015

Overview: The NZD/USD pair is likely to continue straight from 0.7515. Support at 0.7515 coincides with ratio of 00% Fibonacci retracement level in the H1 chart. Additionally, it is probably going to form a double bottom at the same level. Therefore, the kiwi shows signs of strength following the break through the highest levels of 0.7515 and 0.7550. So, it is going to be a good sign to buy above the support levels of 0.7515 and 0.7550 with the first target at 0.7603 in order to retest a weekly pivot point and further 0.9636 (it will act as strong resistance, it is going to be a good place to take profit, it also should be noted that the level to take profit will coincide at 88.2% of Fibonacci at the same time frame). It should be noted that another resistance is set at the level of 0.7696, which represents the double bottom. However, in case a reversal takes place and the NZD/USD pair breaks through the support level at 0.7550, the market will be led to further decline to 0.7466 in order to indicate the bearish market on March 27, 2015.

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