Analysis for March 23rd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has been able to stay under the 4/8 level; the H4 Super Trend has moved into “red zone”. It’s highly likely that on Wednesday the pair may test the daily Super Trend. If the price breaks this level and stays below it, the market will continue its decline.
As we can see at the H1 chart, Eurodollar has been able to leave “overbought zone” and stay under the 8/8 level. Super Trends have formed “bearish cross” and are providing support for the current decline. The closest target is at the 6/8 level.
NZD USD, “New Zealand Dollar vs US Dollar”
New Zealand Dollar is moving between Super Trends in the middle of the chart close to the 4/8 level. It’s highly likely that during the day the pair may move towards the 2/8 level. If the price breaks this level and stays below it, the market will continue its decline.
The lines at the H4 and H1 charts are completely the same. Earlier, Super Trends formed “bearish cross”. Taking into account that the pair has already rebounded from the H1 Super Trend, the price may test the 3/8 level during the day.
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