26.02.201510:23 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for NZD/USD for February 26, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Few months ago, the NZD/USD pair established a consolidation zone that extended between the price levels of 1.7620 and 1.7870.

On January 20, bears managed to execute a successful breakout below the major DEMAND level at 1.7620.

Recently, the NZD/USD pair managed to break above 0.7430. This price level is expected to provide significant SUPPORT for the pair at retesting.

The H4 chart showed an inverted Head and Shoulders pattern that originated off the price level of 0.7200 (the most recent low). Bullish fixation above the neck-line confirmed the reversal pattern earlier this week.

Estimated bullish projection target for the reversal pattern is located around the price level of 0.7676.

On the other hand, the price level of 0.7630 corresponds to the 61.8% Fibonacci Level as well as the lower limit of the broken consolidation zone depicted on the chart.

Hence, the price zone of 0.7630-0.7670 should be watched for price action as low-risk SELL entries can be taken at retesting. Stop Loss should be placed above 0.7700.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.