Intraday technical levels and trading recommendations for NZD/USD for March 9, 2018 888011000 110888 Daily Outlook In July 2017, an irregular Head and Shoulders pattern was revealed on the depicted chart which indicated upcoming bearish reversal.As expected, the cost level of 0.7050 failedto offer adequate bullish support for the NZD/USD pair. That’s why, further bearish decrease was expected towards 0.6800(Turnaround pattern bearish target ). Apparent signs of bullish recovery was expressed around the portrayed low (0.6780). An inverted Head and Shoulders pattern was revealed around these price levels.The cost zone of 0.7140-0.7250( prominent supply zone )stopped workingto pause the continuous bullish momentum. Instead, a bullish breakout above 0.7250 was expressed on January 11. That’s why, a fast bullish motion was anticipated to the illustrated supply zone(0.7320-0.7390)where evident bearish rejection and a legitimate OFFER entry were expected.On February 2, a bearish engulfing daily candlestick was expressed off the price level of 0.7390.Additionally, a double-top turnaround pattern was revealed around the price zone(0.7320-0.7390). The cost zone(0.7320-0.7390 )stays a considerable supply zone for the NZD/USD pair.Any bullish pullback towards this price zone ought to be considered for a legitimate OFFER entry.On the other hand, bearish breakdown of 0.7300 (neck line) is needed to validate the illustrated turnaround pattern. Bearish forecast target would lie around 0.7050 and 0.7000. The product has actually been provided by InstaForex

By | March 9, 2018

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