NZD/USD Intraday technical levels and trading recommendations for September 18, 2017 888011000 110888 Daily Outlook In February 2017, the illustrated short-term sag was initiated around the depicted supply zone (0.7310-0.7380). However, a recent bullish breakout above the sag line took place on May 22. Sincethen, the market has actually been bullish as portrayed on the chart.The price zone of 0.7150-0.7230(Key-Zone)stood as a short-lived resistance zone tilla bullish breakout was revealed above 0.7230. This led to a quick bullish advance to the next supply zone around 0.7310-0.7380 which was briefly breached to the upside.Recent bearish pullback was executed towards the cost zone of 0.7310-0.7380(newly-established demand-zone) which failed to provide enough bullish support for the NZD/USD pair.Re-consolidation below the price level of 0.7300 boosts the bearish side of the marketplace. This brings the NZD/USDpair once again towards 0.7230-0.7150 (Key-Zone) where recent weak bullish recovery appeared previously in September.An atypical Head and Shoulders pattern is being expressed on the illustrated chart suggesting high possibility of bearish reversal. If enough bearish rejection is expressed.Breakdown of the neckline 0.7150 verifies the reversal pattern, the present price levels of 0.7320-0.7350 can be viewed for a valid OFFER entry. Anticipated bearish targets are located around 0.7050, 0.6925 and ultimately 0.6800. The material has actually been supplied by InstaForex Business-www.instaforex.com

By | September 18, 2017

Share This:

Leave a Reply

Your email address will not be published.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