NZDUSD Intraday technical analysis for Feb. 28

Hi María here. Hope everyone is having a great day!

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The same view for NZD/USD is still intact.

Strong Support: 0.8520.

Strong Resistance: 0.8230.

Trading Recommendations:

According to previous events, the price will be trapped between 0.823 and 0.86.

Buy above 0.8230 with the first target of 0.83, it might resume to 0.8355 and then to 0.85.

Below 0.852 look for further downside with 0.8385 and 0.8250 targets.

Overview:

NZD/USD movement will be continued straight from 0.8108 (at H4 chart 50% of Fibonacci retracement levels), therefore, the Kiwi is showing signs of strength, following the break of the highest level of 0.8230, so it will be a good sign to buy above the level of 61.8 of Fibonacci retracement levels on H4 chart with the first target of 0.83, and further to 0.8520 (it will act as a strong resistance for that it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with 78% of Fibonacci). However, in case if a reversal takes place and NZD/USD does not manage to break through the resistance level of 0.852, then the market will lead to further decline to 0.83, indicating bearish market.

Have a great day!

María

www.fx-megaforex.com

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To read the analysis for the EURJPY ENTER HERE