09.11.201616:01 Forex Analysis & Reviews: NZD/USD Intraday technical levels and trading recommendations for November 9, 2016

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.

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 and 0.7450.

Note that the depicted price zone (0.7250-0.7350) corresponds to a previous consolidation range.

Significant signs of bearish reversal is being expressed around the upper limit of the price range (0.7350).

Bearish breakdown of 0.7250 will be needed to enhance the bearish side of the market. Otherwise, the NZD/USD pair will remain trapped within the depicted consolidation range.

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.