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16.04.201822:35 Forex Analysis & Reviews: NZD/USD Intraday technical levels and trading recommendations for for April 17, 2018

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.

Exchange Rates 16.04.2018 analysis

In November 2017, evident signs of bullish recovery were expressed around the depicted low (0.6780). An inverted Head and Shoulders pattern was expressed around these price levels.

The price zone of 0.7140-0.7250 (prominent Supply-Zone) failed to pause the ongoing bullish momentum. Instead, a bullish breakout above 0.7250 was expressed on January 11.

That's why a quick bullish movement was expected towards the depicted supply zone (0.7320-0.7390) where evident bearish rejection and a valid SELL entry were expected.

On February 2, a bearish engulfing daily candlestick was expressed off the price level of 0.7390.

Moreover, a double-top reversal pattern followed by another lower High were expressed around the price zone (0.7320-0.7390) where a valid SELL entry was offered as expected.

In general, the NZD/USD pair remains trapped between the price levels of 0.7200 and 0.7350 until the bearish breakdown of 0.7200 occurs.

The price zone of 0.7320-0.7390 remains a significant supply zone to offer a valid SELL entry during the current bullish pullback. A bullish breakout above 0.7450 invalidates this bearish scenario.

On the other hand, a bearish breakdown of 0.7200 (neckline) is needed to confirm the depicted reversal pattern. Bearish projection target would be located around 0.7050 and 0.7000.

Mohamed Samy
Analytical expert of InstaForex
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