Stay 
Trading Conditions
Products
Tools
In December 2016, 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 sufficient bearish pressure on the pair.
Bullish persistence above 0.7100 allowed a further advance toward 0.7250-0.7350 (Sell-Zone) where the bearish price action was expected.
Bearish persistence below 0.7250 allowed a further decline toward 0.7100 then 0.6960 which failed to provide enough support for the pair.
That is why a further fall was expected toward 0.6860 (the lower limit of the depicted BUY zone) where a bullish position was suggested in previous articles.
Recently, a bullish breakout was achieved above the depicted key level (0.6960).However, the pair failed to express enough bullish momentum above 0.7050.
That's why the NZD/USD pair became trapped within the depicted consolidation range (0.6860-0.6960) once again.
Note the depicted bullish 1-2-3 pattern remains valid as long as bullish fixation above 0.6900-0.6850 is maintained on a daily basis.
On the other hand, a bullish breakout above 0.6960 is needed to allow further bullish movement. Expected projection target for the pattern is located around 0.7250.
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.
