Intraday technical levels and trading recommendations for NZD/USD for June 15, 2017
June 15, 2017 12:22 pm
Daily Outlook
The NZD/USD pair has been trending up within the depicted bullish channel since January 2016.
In November 2016, early signs of bullish weakness were expressed on the chart when the pair market failed to record a new high above 0.7400.
Bearish breakout of the lower limit of the channel took place in December 2016.
In February 2017, the depicted short-term downtrend was initiated of the depicted supply zone (0.7310-0.7380).
However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.
A temporary bearish pressure was expressed around 0.7050 (previous daily tops) before further advance was pursued towards 0.7120.
The price zone of 0.7150-0.7230 stood as a SUPPLY-ZONE in confluence with (61.8% Fibonacci level). That’s why temporary bearish rejection was expressed within the depicted zone.
Recent Update: Yesterday, the Bullish breakout was temporarily expressed above 0.7230 resulting in a quick bullish advance towards the next supply zone around 0.7310-0.7380.
As anticipated, Evident bearish rejection was expressed around 0.7310. This brought the pair again inside the previous congestion zone (0.7230-0.7150).
Trade recommendations:
Conservative traders can wait for a bearish closure below the current zone. Bearish closure below 0.7150 (61.8% Fibo level) indicates a valid SELL signal.
S/L should be placed above 0.7250 while T/P levels should be placed at 0.7050, 0.6970, and 0.6850.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Daily Outlook
The NZD/USD pair has been trending up within the depicted bullish channel since January 2016.
In November 2016, early signs of bullish weakness were expressed on the chart when the pair market failed to record a new high above 0.7400.
Bearish breakout of the lower limit of the channel took place in December 2016.
In February 2017, the depicted short-term downtrend was initiated of the depicted supply zone (0.7310-0.7380).
However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.
A temporary bearish pressure was expressed around 0.7050 (previous daily tops) before further advance was pursued towards 0.7120.
The price zone of 0.7150-0.7230 stood as a SUPPLY-ZONE in confluence with (61.8% Fibonacci level). That’s why temporary bearish rejection was expressed within the depicted zone.
Recent Update: Yesterday, the Bullish breakout was temporarily expressed above 0.7230 resulting in a quick bullish advance towards the next supply zone around 0.7310-0.7380.
As anticipated, Evident bearish rejection was expressed around 0.7310. This brought the pair again inside the previous congestion zone (0.7230-0.7150).
Trade recommendations:
Conservative traders can wait for a bearish closure below the current zone. Bearish closure below 0.7150 (61.8% Fibo level) indicates a valid SELL signal.
S/L should be placed above 0.7250 while T/P levels should be placed at 0.7050, 0.6970, and 0.6850.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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