Intraday technical levels and trading suggestions for NZD/USD for June 16, 2017 888011000 110888 Daily Outlook The NZD/USD pair has actually been trending-up within the illustratedbullish channel given that January 2016. In November 2016, early signs of bullish weakness wereexpressed on the chart when the set market cannot tape a brand-new high above 0.7400. Bearish breakout ofthe lower limit of the channel took place in December 2016. In February 2017, the portrayed short-term downtrend was initiated of the depicted supply zone(0.7310-0.7380). A recent bullish breakout above the sag line took location on May 22. Since then, the marketplace has been bullish as depicted on the chart.The price zone of 0.7150-0.7230(SUPPLY-ZONE in confluence with 61.8% Fibonacci level)stood as a temporary Resistance-Zoneuntil bullish breakout was revealed above 0.7230. This led to a fast bullish advance to the next Supply-Zone around 0.7310-0.7380. As anticipated, Evident bearish rejection was expressed around 0.7310. This brought the pair once again inside the previous congestion zone(0.7230-0.7150 ). Trade recommendations: Conservative traders can awaita bearish closure below the existing zone. B earish closure below 0.7150(61.8 %Fibo level )suggests a valid SELL signal.S/ L should be placed above 0.7250 while T/P levels should be placed at 0.7050, 0.6970, and 0.6850. The product has been offered by InstaForex Business-www.instaforex.com

By | June 16, 2017

Share This:

Leave a Reply

Your email address will not be published. Required fields are marked *