NZD/USD Intraday technical levels and trading suggestions for September 19, 2017 888011000 110888 Daily Outlook In February 2017, the illustrated short-term downtrend was initiated around the illustrated supply zone (0.7310-0.7380). A current bullish breakout above the drop line took location on May 22. Considering thatthen, the market has been bullish as depicted on the chart.The cost zone of 0.7150-0.7230(Key-Zone)stood as a temporary resistance zone up untila bullish breakout was expressed above 0.7230. This resulted in a quick bullish advance towards the next supply zone around 0.7310-0.7380 which was momentarily breached to the upside.Recent bearish pullback was carried out to the price zone of 0.7310-0.7380(newly-established demand-zone) which cannot provide adequate bullish support for the NZD/USD pair.Re-consolidation below the price level of 0.7300 improves the bearish side of the market. This brings the NZD/USDset 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 depicted chart suggesting high possibility of bearish turnaround. The present rate levels of 0.7320-0.7350 can be expected a legitimate SELL entry if enough bearish rejection is expressed.A breakdown of the neckline 0.7150 confirms the turnaround pattern. Anticipated bearish targets are located around 0.7050, 0.6925 and ultimately 0.6800. The product has been offered by InstaForex

By | September 19, 2017

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