NZD/USD intraday technical levels and trading recommendations for March 10, 2017
March 10, 2017 1:07 pm
On December 16, the price level of 0.6960 failed to apply enough bullish pressure. Instead, decline 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 (the key level) which failed to provide enough bearish pressure on the pair.
Bullish persistence above 0.7100 allowed further advance toward 0.7250-0.7350 (the sell zone) where the bearish price action should be expected.
Bearish persistence below 0.7250 is needed to allow further decline toward 0.7100 (note the previous bearish daily candlesticks expressed within the sell zone).
As anticipated, bearish persistence below 0.7100 (the key level) allows further decline toward 0.6960 which failed to provide enough bullish support for the pair.
That is why, the pair is expected to continue falling towards 0.6860 (the lower limit of the depicted BUY zone) where the price action should be watched for a possible BUY entry.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
On December 16, the price level of 0.6960 failed to apply enough bullish pressure. Instead, decline 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 (the key level) which failed to provide enough bearish pressure on the pair.
Bullish persistence above 0.7100 allowed further advance toward 0.7250-0.7350 (the sell zone) where the bearish price action should be expected.
Bearish persistence below 0.7250 is needed to allow further decline toward 0.7100 (note the previous bearish daily candlesticks expressed within the sell zone).
As anticipated, bearish persistence below 0.7100 (the key level) allows further decline toward 0.6960 which failed to provide enough bullish support for the pair.
That is why, the pair is expected to continue falling towards 0.6860 (the lower limit of the depicted BUY zone) where the price action should be watched for a possible BUY entry.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: