FX.co ★ NZD/USD outlook for March 4, 2023

NZD/USD shows mixed flat dynamics ahead of the RBNZ meeting. The pair is moving in an upward trend in the short and medium term, in general, while remaining within the global downward trend. For the upward trend to continue, the pair needs to break through the strong resistance level 0.6305 (50 EMA on the weekly chart) to continue rising towards the key long-term resistance levels 0.6720 (200 EMA on the monthly chart), 0.6600 (200 EMA on the weekly chart), 0.6530 (144 EMA on the weekly chart), which separates the long-term bullish trend from the bearish one.

Perhaps tomorrow, the New Zealand dollar and the NZD/USD pair will be able to get such an impetus for growth. In this case, the confirmed breakdown of today's high at 0.6310 will be a signal to increase long positions.

In an alternative scenario, NZD/USD will again fall into the medium-term bear market zone, breaking through the key support level 0.6270 (200 EMA on the daily chart). A breakdown of the support level 0.6245 (144 EMA, 50 EMA on the daily chart, 200 EMA on the 4-hour chart) will confirm the resumption of short positions.

In our opinion, for the time being, your trading strategy should be built in preference to short positions, finding good opportunities to enter them.

Support levels: 0.6270, 0.6260, 0.6245, 0.6210, 0.6200, 0.6090, 0.6000, 0.5975, 0.5900

Resistance levels: 0.6305, 0.6310, 0.6390, 0.6488, 0.6500, 0.6520, 0.6600