NZD/USD Intraday technical levels and trading recommendations for May 17, 2018 888011000 110888 The price zone of 0.7320-0.7390stood as a substantial supply zone throughout recent bullish pullback. The bulls failed to execute a successful Bullish breakout above 0.7400 during the previous week’s consolidations.The NZD/USD pair had been caught in between the rate levels of 0.7170 and 0.7350 till the bearish breakdown of 0.7200 happened Yesterday.Since April 13, significant bearish pressure has been applied. This most likely turns the short-term outlook forthe NZD/USD pair into bearish giving substantial significance to the multiple-top turnaround pattern.That’s why a bearish breakdown of 0.7220-0.7170(neckline zone )was needed to validate the depicted turnaround pattern.Bearish target levels around 0.7050 and 0.7000 have actually been accomplished already.The bearish scenario requires obvious bearish perseverance below 0.7050 to preserve significant bearish momentum towards 0.6860 and 0.6820. That’s why the rate level of 0.7050 is currently thought about a key-level for the NZD/USD bears.Any bullish breakout above the cost level of 0.7050 hinders additional bearish decrease enabling bullish pullback to happen to 0.7170-0.7220. This will most likely enable conservative pattern traders to await a bullish pullback towards the rate zone of 0.7220-0.7170 (neck line zone) (considerable supply zone) for a legitimate SELL entry.S/L should be placed above 0.7260. On the other hand, If bearish momentum continues, the price zone of 0.6820-0.6780 need to be watched for bullish rejection and a valid BUY entry.The material has actually been provided by InstaForex

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