NZD/USD Intraday technical levels and trading suggestions for February 2, 2018 888011000 110888 Daily Outlook In July 2017, an irregular Head and Shoulders pattern was expressed on the portrayed chart which showed upcoming bearish reversal.As anticipated, the cost level of 0.7050 failedto offer enough bullish assistance for the NZD/USD set. That’s why, even more bearish decrease was anticipated towards 0.6800(Reversal pattern bearish target). Apparent signs of bullish recovery was expressed around the current low (0.6780). An inverted Head and Shoulders pattern was revealed around these price levels.The rate zone of 0.7140-0.7250( prominent Supply-Zone )failedto stop briefly the ongoing bullish momentum. Instead, a bullish breakout above 0.7250 was expressed onJanuary 11. That’s why, the current bullish movement extended to the cost levels of 0.7320 and 0.7390. A fast bullish movement was expected towards the portrayed supply zone(0.7320-0.7390)where evident bearish rejection and a legitimate SELL entry is still expected.Trade Recommendations: Conservative traders ought to be trying to find a valid SELL entry anywhere around the depictedsupply zone (0.7320-0.7390). S/L must lie above 0.7450. T/P levels ought to lie around 0.7230, 0.7150 and 0.7090. The material has been supplied by InstaForex

By | February 2, 2018

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