NZD/USD Intraday technical levels and trading suggestions for January 11, 2018 888011000 110888 Daily Outlook A recent bullish breakout above the downtrend line took place on May 22. Since then, the marketplace has been bullish as illustrated on the chart.This resulted in a fast bullish advance to next cost zones around 0.7150-0.7230(Key-Zone)and 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 adequate bullish assistance for the NZD/USD pair.Re-consolidation below the price level of 0.7300 boosted the bearish side of themarket. This brought the NZD/USD set again to 0.7230-0.7150 (Key-Zone )which cannot pause the ongoing bearish momentum.An atypical Head and Shoulders pattern was revealed on the illustrated chart which started bearish reversal.As anticipated, the rate level of 0.7050 cannot provide adequate bullish support for the NZD/USD set. That’s why, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target ). Apparent signs of bullish recovery was revealed around the current low(0.6780). That’s why, a bullish pullback is anticipated towards 0.7150 and 0.7240. The existing cost zone of 0.7140-0.7250 is thought about a prominent Supply-Zone to be expected OFFER positions if enough bearish rejection is expressed on a daily basis.On the other hand, the rate zone of 0.7050-0.6980 has actually relied on be a newly-established need zone to be expected BUY entries if any bearish pullback occurs.Trade Recommendations: Conservative traders ought to waitfor everyday closure listed below the price level of 0.7140 as a legitimate OFFER signal. Initial T/P levels ought to be found at 0.7050 and 0.6980. The product has been supplied by InstaForex

By | January 11, 2018

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