NZD/USD Intraday technical levels and trading recommendations for May 18, 2018 888011000 110888 The price zone of 0.7320-0.7390stood as a substantial supply zone throughout current bullish pullback. The bulls cannot execute a successful Bullish breakout above 0.7400 throughout the previous week’s consolidations.The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 up until the bearish breakdown of 0.7200 occurred Yesterday.Since April 13, considerable bearish pressure has actually been used. 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(neck line zone )was needed to confirm the depicted reversal pattern.Bearish target levels around 0.7050 and 0.7000 have actually been achieved already.The bearish situation needs obvious bearish persistence below 0.7050 to keep significant bearish momentum towards 0.6860 and 0.6820. That’s why the cost level of 0.7050 is currently considered a key-level for the NZD/USD bears.Any bullish breakout above the rate level of 0.7050 prevents additional bearish decrease allowing bullish pullback to occur towards 0.7170-0.7220. This will most likely allow conservative trend traders to await a bullish pullback towards the price zone of 0.7220-0.7170 (neck line zone) (considerable supply zone) for a valid OFFER entry.S/L must be placed above 0.7260. On the other hand, If bearish momentum persists, the price zone of 0.6820-0.6780 must be looked for bullish rejection and a valid BUY entry.The product has been offered by InstaForex Business-www.instaforex.com

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