In July 2017, an atypical Head and Shoulders pattern was expressed on the depicted chart which indicated upcoming bearish reversal.
As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That’s why, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target).
Evident signs of bullish recovery was expressed around the recent 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, the current bullish movement extended towards the price levels of 0.7320 and probably 0.7390.
A quick bullish movement is expected towards the depicted supply zone (0.7320-0.7390) where price action should be watched for evident bearish rejection and a valid SELL entry.
Conservative traders should be looking for a valid SELL entry anywhere around the depicted supply zone (0.7320-0.7390).
S/L should be located above 0.7450. T/P levels should be located around 0.7230, 0.7150 and 0.7090.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Mohamed Samy,
InstaForex Group © 2007-2018
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