NZD/USD Intraday technical levels and trading recommendations for March 8, 2018 888011000 110888 Daily Outlook In July 2017, an irregular Head and Shoulders pattern was expressed on the portrayed chart which indicated upcoming bearish reversal.As expected, the price level of 0.7050 cannot use sufficient bullish assistance for the NZD/USD pair. That’s why, a further decrease was anticipated towards 0.6800 (Turnaround pattern bearish target ). Obvious indications of bullish healing was revealed around the depicted low (0.6780). An inverted Head and Shoulders pattern was revealed around these rate levels.The rate zone of 0.7140-0.7250( popular Supply-Zone )failedto pause the ongoing bullish momentum. Instead, a bullish breakout above 0.7250 was expressed on January 11. That’s why, a fast bullish movement was anticipated towards the illustrated supply zone(0.7320-0.7390)where obvious bearish rejection and a valid SELL entry were expected.On February 2, a bearish engulfing day-to-day candlestick was revealed off the price level of 0.7390.A double-top turnaround pattern was revealed around the price zone(0.7320-0.7390). The price zone(0.7320-0.7390 )stays a substantial supply zone for the NZD/USD set.Any bullish pullback to this cost zone should be considered for a legitimate SELL entry.On the other hand, bearish breakdown of 0.7300 (neck line) is needed to confirm the depicted turnaround pattern. Bearish projection target would lie around 0.7050 and 0.7000. The product has been provided by InstaForex

By | March 8, 2018

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