NZD/USD Intraday technical levels and trading suggestions for March 12, 2018 888011000 110888 Daily Outlook In July 2017, an irregular Head and Shoulders pattern was revealed on the portrayed chart which indicated upcoming bearish reversal.As anticipated, the price level of 0.7050 failedto offer sufficient bullish support for the NZD/USD set. That’s why, even more bearish decrease was anticipated towards 0.6800(Turnaround pattern bearish target ). Evident indications of bullish healing was revealed around the illustrated low (0.6780). An inverted Head and Shoulders pattern was expressed around these cost levels.The price zone of 0.7140-0.7250( prominent Supply-Zone )failedto pause the continuous bullish momentum. Rather, a bullish breakout above 0.7250 was expressed on January 11. That’s why, a quick bullish motion was anticipated to the illustrated supply zone(0.7320-0.7390)where apparent bearish rejection and a legitimate SELL entry were expected.On February 2, a bearish engulfing day-to-day candlestick was expressed off the cost level of 0.7390.A double-top reversal pattern was expressed around the cost zone(0.7320-0.7390). The price zone(0.7320-0.7390 )remains a considerable supply zone for the NZD/USD set.Any bullish pullback to this cost zone should be considered for a legitimate OFFER entry.On the other hand, bearish breakdown of 0.7300 (neck line) is had to confirm the illustrated turnaround pattern. Bearish forecast target would lie around 0.7050 and 0.7000. The material has actually been supplied by InstaForex

By | March 12, 2018

Leave a Reply

Your email address will not be published. Required fields are marked *