NZD/USD Intraday technical levels and trading recommendations for January 2, 2018 888011000 110888 Daily Outlook A current bullish breakout above the sag line occurred on Might 22. Ever since, the market has actually beenbullish as depicted on the chart.This resulted in a fast bullish advance towards next rate zones around 0.7150-0.7230(Key-Zone)and 0.7310-0.7380 which was momentarily breached to the upside.Recent bearish pullback was carried out towards the rate zone of 0.7310-0.7380( newly-established demand-zone) which cannot use adequate bullish support for the NZD/USD pair.Re-consolidation listed below the cost level of 0.7300 enhanced the bearish side of the market. This brought the NZD/USD set once again towards 0.7230-0.7150(Key-Zone)which failed to stop brieflythe ongoing bearish momentum.An irregular Head and Shoulders pattern was revealed on the illustrated chart which initiated bearish reversal.As anticipated, the cost level of 0.7050 failed to offer adequate bullish support for the NZD/USD set. That’s why, even more bearish decline was anticipated to 0.6800( Reversal pattern bearish target). Apparent signs of bullish healing wasexpressed around the current low(0.6780). That’s why, a bullish pullback is anticipated to 0.7050. Further bullish advance needs to be expected towards 0.7150 if the existing bullish momentum is preserved above the key-level of 0.7050. Trade Recommendations: An inverted Head and Shoulders pattern was established on the chart showing high possibility of bullish momentum.That’s why, the rate zone of 0.6800-0.6830 was thought about for a short-term BUY entry.Bullish determination above 0.7050 is compulsory to pursue towards next bullish targets.S/ L ought to be moved to 0.7040to protect some earnings. T/P level stays forecasted towards 0.7150 and 0.7240. The product has been provided by InstaForex

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