NZD/USD intraday technical levels and trading recommendations for November 4, 2016
November 4, 2016 12:27 pm
As long as the NZD/USD pair continued trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.
Recently, the price zone between 0.7470-0.7500 has corresponded to the upper limit of the depicted movement channel where bearish rejection and a valid SELL entry were expressed few weeks ago.
On October 20, the mark of 0.7245 was a prominent key-level where significant bearish rejection was expressed.
Shortly after, the price level around 0.7100 (the lower limit of the depicted channel) stood as a solid support Level where bullish recovery was expressed on October 28.
The depicted chart illustrates a double-bottom pattern. Full projection target is located around 0.7450.
Bullish persistence above 0.7250 (Neckline) is mandatory to allow further bullish advance towards 0.7350.
Note that the depicted price-zone (0.7250-0.7350) corresponds to a previous consolidation range.
That’s why, bullish breakout above 0.7350 is needed to reach towards 0.7450 (Full projection of the reversal pattern). Otherwise, the NZD/USD pair remains trapped within the consolidation zone.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
As long as the NZD/USD pair continued trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.
Recently, the price zone between 0.7470-0.7500 has corresponded to the upper limit of the depicted movement channel where bearish rejection and a valid SELL entry were expressed few weeks ago.
On October 20, the mark of 0.7245 was a prominent key-level where significant bearish rejection was expressed.
Shortly after, the price level around 0.7100 (the lower limit of the depicted channel) stood as a solid support Level where bullish recovery was expressed on October 28.
The depicted chart illustrates a double-bottom pattern. Full projection target is located around 0.7450.
Bullish persistence above 0.7250 (Neckline) is mandatory to allow further bullish advance towards 0.7350.
Note that the depicted price-zone (0.7250-0.7350) corresponds to a previous consolidation range.
That’s why, bullish breakout above 0.7350 is needed to reach towards 0.7450 (Full projection of the reversal pattern). Otherwise, the NZD/USD pair remains trapped within the consolidation zone.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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