NZD/USD Intraday technical levels and trading suggestions for September 20, 2017 888011000 110888 Daily Outlook In February 2017, the depicted short-term downtrend was initiated around the illustrated supply zone (0.7310-0.7380). A recent bullish breakout above the drop line took place on May 22. Considering thatthen, the market has been bullish as depicted on the chart.The price zone of 0.7150-0.7230(Key-Zone)stood as a short-lived resistance zone up untila bullish breakout was expressed above 0.7230. This resulted in a quick bullish advance to the next supply zone around 0.7310-0.7380 which was momentarily breached to the upside.Recent bearish pullback was executed to the rate zone of 0.7310-0.7380(newly-established demand-zone) which failed to offer sufficient bullish support for the NZD/USD pair.Re-consolidation below the cost level of 0.7300 improves the bearish side of the market. This brings the NZD/USDset again to 0.7230-0.7150 (Key-Zone) where recent weak bullish recovery was manifested previously in September.An irregular Head and Shoulders pattern is being revealed on the illustrated chart indicating high likelihood of bearish turnaround. If enough bearish rejection is expressed.Breakdown of the neck line 0.7150 verifies the reversal pattern, the present rate levels of 0.7320-0.7350 can be seen for a valid SELL entry. Expected bearish targets lie around 0.7050, 0.6925 and eventually 0.6800. The material has actually been provided by InstaForex

By | September 20, 2017

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