NZD/USD Intraday technical levels and trading recommendations for September 21, 2017 888011000 110888 Daily Outlook In February 2017, the illustrated short-term downtrend was initiated around the depicted supply zone (0.7310-0.7380). However, a recent bullish breakout above the sag line happened on May 22. Sincethen, the marketplace has been bullish as illustrated on the chart.The price zone of 0.7150-0.7230(Key-Zone)stood as a short-term resistance zone untila bullish breakout was revealed above 0.7230. This led to a quick bullish advance towards the next supply zone around 0.7310-0.7380 which was temporarily breached to the upside.Recent bearish pullback was executed towards the rate 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 cost level of 0.7300 improves the bearish side of the market. This brings the NZD/USDset once again towards 0.7230-0.7150 (Key-Zone) where current weak bullish recovery appeared earlier in September.An atypical Head and Shoulders pattern is being revealed on the portrayed chart suggesting high possibility of bearish turnaround. The current rate levels of 0.7320-0.7350 can be looked for a legitimate SELL entry if sufficient bearish rejection is expressed.Breakdown of the neck line 0.7150 confirms the turnaround pattern. Anticipated bearish targets lie around 0.7050, 0.6925 and ultimately 0.6800. The material has actually been supplied by InstaForex

By | September 21, 2017

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