You are here: Home > articles > Forex > NZD/USD Intraday technical levels and trading recommendations for January 30, 2018
NZD/USD Intraday technical levels and trading recommendations for January 30, 2018
January 30, 2018 12:21 pmVideo
Latest News
- Technical Analysis – EURCHF pulls back from 14-month peak May 28, 2024
- USA and Europe: market trends during the holidays May 28, 2024
- Market Comment – Euro takes advantage of weak dollar May 28, 2024
- Technical Analysis – EURJPY advances towards 40-year high May 28, 2024
- Technical Analysis – GBPUSD challenges new 2-month high May 28, 2024
- Technical Analysis of Intraday Price Movement of Silver Commodity Asset, Tuesday May 28, 2024. May 28, 2024
- Technical Analysis of Daily Price Movement of USD/IDR Exotic Currency Pairs, Tuesday May 28, 2024. May 28, 2024
- Forecast for GBP/USD on May 28, 2024 May 28, 2024
- Forecast for AUD/USD on May 28, 2024 May 28, 2024
- The bullish bias is gaining momentum. Overview of GBP/USD May 28, 2024
- CFTC report: investors continue to USD sell-off despite high yields May 28, 2024
- Investors bet on the euro’s strength. Overview of EUR/USD May 28, 2024
- Video market update for May 27, 2024 May 27, 2024
- Analysis of GBP/USD pair on May 27, 2024 May 27, 2024
- Euro area inflation unlikely to change ECB’s outlook – Preview May 27, 2024
- EUR/USD. Analysis of the upcoming inflation report in the European Union. What to expect? May 27, 2024
- USD/JPY: Simple trading tips for novice traders on May 27th (US session) May 27, 2024
- GBP/USD: Simple trading tips for novice traders on May 27th (US session) May 27, 2024
- EUR/USD: Simple trading tips for novice traders on May 27th (US session) May 27, 2024
- GBP/USD: trading plan for the US session on May 27th (analysis of morning deals). The pound reached 1.2756 May 27, 2024
Daily Outlook
In July 2017, an atypical Head and Shoulders pattern was expressed on the depicted chart which indicated upcoming bearish reversal.
As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That’s why, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target).
Evident signs of bullish recovery was expressed around the recent low (0.6780). An inverted Head and Shoulders pattern was expressed around these price levels.
The price zone of 0.7140-0.7250 (prominent Supply-Zone) failed to pause the ongoing bullish momentum. Instead, a bullish breakout above 0.7250 was expressed on January 11.
That’s why, the current bullish movement extended towards the price levels of 0.7320 and 0.7390.
A quick bullish movement was expected towards the depicted supply zone (0.7320-0.7390) where evident bearish rejection and a valid SELL entry is still expected.
Trade Recommendations:
Conservative traders should be looking for a valid SELL entry anywhere around the depicted supply zone (0.7320-0.7390).
S/L should be located above 0.7450. T/P levels should be located around 0.7230, 0.7150 and 0.7090.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: