InstaForex - Analytics

    InstaForex

    699.25 6.25/10
    61% of positive reviews
    Real

    Intraday technical levels and trading recommendations for NZD/USD for February 23, 2015

    1424705327_nzddaily.png

    Show full picture

    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.

    Shortly after, a bearish decline took place towards the price level of 0.7200 where bullish pressure has been applied during the past few weeks.

    1424705515_nzdh4.png

    Show full picture

    The H4 chart shows an inverted Head and Shoulders pattern that originated off the price level of 0.7200. Estimated bullish projection target for the NZD/USD pair is located near the price level of 0.7676.

    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.

    That is why the price zone of 0.7630-0.7670 is a significant SUPPLY ZONE to be watched for low-risk SELL entries. Stop Loss should be placed above 0.7700.

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree