How To Make Money Today: NZD/USD Daily Market Analysis and Forex Trading Signals 31 March 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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NZD/USD:
On the H4 timeframe, we see the potential for a bearish reversal from our 1st resistance at 0.69847 in line with 127.2% Fibonacci extension towards our 1st support at 0.68777 in line with 50% Fibonacci retracement. Our bearish bias is supported by the stochastic where it is trading at resistance level.
Areas of consideration :
- H4 1st resistance at 0.69897
- H4 1st support at 0.69145
NZD/USD Price Analysis: Price is under pressure at 0.7000, although the upside remains intact.
- A new bull cross between the 20 and 200-period EMAs is pointing to additional gain.
- The fact that the auction is taking place at the 61.8 percent Fibo retracement indicates that the upside is still alive.
- For a stronger rise, bulls must break beyond 0.7000.
The NZD/USD pair is bouncing around the 61.8 percent Fibonacci retracement (set from 21 October 2021 high at 0.7219 to January 28 low at 0.6529.) at 0.6954, attracting some offers near psychological resistance at 0.7000.
On a daily basis, the kiwi bulls have seen a powerful higher rise after breaking over the horizontal trendline drawn from the high of December 24, 2021 at 0.6890. The trendline that runs from the low of January 28 at 0.6529 to the lows of February 14 and February 24 at 0.6593 and 0.6630 will continue to support the major.
At 0.6885, a new bull cross between the 20 and 200-period Exponential Moving Averages (EMAs) is marking the start of a bullish impulsive wave.
In the meanwhile, the Relative Strength Index (RSI) is fluctuating in a bullish band of 60.00-80.00, which corresponds to other upward filters.
If the psychological barrier at 0.7000 is breached, the asset will be exposed to the upside, with a move towards the round level resistance at 0.7050 and a high of 0.7082 on November 15, 2021.
On the other hand, dollar bulls may be rewarded if the asset falls significantly below weekly lows of 0.6876, sending the pair towards the March 17 low of 0.6823. If the latter is breached, the asset would be exposed to further decline approaching round level support around 0.6800.
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