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NZD/USD Intraday technical levels and trading recommendations for March 13, 2017
March 13, 2017 7:24 amVideo
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On December 16, the price level of 0.6960 failed to apply enough bullish pressure. Instead, bearish movement continued toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.
The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.
A bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (Key level) which failed to provide sufficient bearish pressure on the pair.
Bullish persistence above 0.7100 allowed further bullish advance toward 0.7250-0.7350 (Sell-Zone) where the bearish price action should be expected.
Bearish persistence below 0.7250 is needed to allow further bearish decline toward 0.7100 (note the previous bearish DAILY candlesticks expressed within the SELL-Zone).
As anticipated, bearish persistence below 0.7100 (Key-Level) allows further bearish movement toward 0.6960 which failed to provide enough bullish support for the pair.
That’s why, a further fall is expected towards 0.6860 (the lower limit of the depicted BUY zone) where price action should be watched for a possible BUY entry.
On the other hand, any bullish pullback towards 0.6960 should be watched for bearish rejection and a possible SELL entry.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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