Weekly Technical Analysis Report 3 March – NZDUSD played out nicely
Weekly Technical Analysis Report 3 March – NZDUSD played out nicely
1. Last week’s outlook on NZDUSD: Bearish outlook seen
Prices are testing a support-turned-resistance zone at 0.6250 on the H1 timeframe. A pullback to this level could provide the bearish acceleration to the next support zone at 0.6200, which coincides with the 38.2% Fibonacci extension. Stochastic RSI is in the overbought region above 80, supporting our bearish bias.
Before:
Bearish outlook on NZDUSD – 22 February 2023 by Salzworth on TradingView.com
After:
2. This week’s outlook on USDJPY: Bullish outlook seen
On the H1 timeframe, prices are testing a support zone at 136.20, which is in line with the 38.2% Fibonacci retracement. A throwback to this zone presents an opportunity to ride the bounce to the resistance zone at 137.20. Stochastic RSI is in the oversold region below 20, and price is hovering near the bottom of the Bollinger Bands, supporting our bullish bias.
Bullish outlook on USDJPY – 3 March 2023 by Salzworth on TradingView.com
