29.06.201813:32 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for NZD/USD for June 29, 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.

The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until bearish breakdown of 0.7200 occurred on April 23.

The breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. Bearish target levels around 0.7050 and 0.7000 have been already achieved.

The price level of 0.7050 was considered to be a key level for the NZD/USD bears. That's why, bearish persistence below 0.7050 allowed further bearish decline to occur towards the price levels around 0.6800.

As anticipated, the recent bullish pullback towards the price level of 0.7050 (Broken Demand-Level) offered a good opportunity for sellers to have a valid SELL entry. It's already running in profits. S/L should be lowered to 0.6800 to secure some profits.

Recently, the price zone of 0.6820-0.6780 was being challenged by the NZD/USD bears. This price zone was considered as a target level for current sellers.

The bearish breakdown of the 0.6820-0.6780 price zone will probably allow further bearish decline towards 0.6700-0.6670 if the current bearish momentum is maintained on a daily basis.

Any bullish pullback above the mentioned zone will probably allow further bullish movement towards 0.6900 and 0.6990.

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.