NZD/USD Intraday technical levels and trading suggestions for July 30, 2018 888011000 110888 The NZD/USD set had been caught between the rate levels of 0.7170 and 0.7350 till the bearish breakdown of 0.7200 took place on April 23.Breakdown of 0.7220-0.7170(neck line zone)was had to verify the portrayed reversal pattern. Bearish target levels around 0.7050 and 0.7000 have been accomplished already.The price level of 0.7050 was considered a key-level for the NZD/USD bears That’s why the bearish persistence below 0.7050 allowed further bearish decrease to take place towards the cost levels around 0.6800. As expected, the current bullish pullback to the rate level of 0.7050(Damaged Demand-Level )provided a great opportunity for a legitimate SELL entry.The fast bearish decrease happened to 0.6800 where a false bearish breakdown happened. This allowed short-lived bearish movement to happen towards 0.6680. The pair stopped working to preserve sufficient bearish momentum.On July 7, apparent bullish rejection pushed the NZD/USD set above 0.6820 again. This was followed by a current bullish reversal pattern(123 pattern )which improves the bullish side of the market.Recent indications of bullish weakness were manifested on the chart. The bulls are cannot keep enough bullish momentum above 0.6820.Bullish fixation above 0.6820 needs to be kept in order to enable further bullish advancement towards 0.6900 and 0.6980.Trade Recommendations:The rate zone 0.6750-0.6800 still constitutes a need zone to be thought about for a valid BUY entry. Bullish perseverance above 0.6820 is needed to offer adequate bullish momentum to 0.6900 then probably 0.6980.The material has been provided by InstaForex Company – www.instaforex.com

By | July 30, 2018

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