The daily chart shows a bullish Flag pattern that was initiated around the level of 0.6230 on September 23.
On November 30, a bullish engulfing candlestick was expressed around 0.6520 where the depicted uptrend came to meet the NZD/USD pair.
Shortly after, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place. This enhanced the bullish side of the market towards 0.6800.
As anticipated, temporary bearish rejection existed around price level of 0.6840 (daily resistance level) similar to what happened previously on December 16.
On the other hand, an estimated projection target for this flag pattern remains at 0.6950 when the NZD/USD pair manages to keep trading above 0.6840.
Few weeks ago, an obvious bullish breakout above 0.6600 was executed via a full-body bullish candlestick on the H4 chart.
Shortly after, the NZD/CAD pair faced resistance between 0.6700 and 0.6750 providing temporary bearish rejection.
For the NZD/USD conservative traders, a valid buy entry was suggested around 0.6600 (corresponding to the depicted uptrend and the upper limit of the broken consolidation range).
Last week, lack of bullish pressure above 0.6800 was manifested. That is why, the current bearish pullback is taking place towards 0.6750.
A valid buy entry can be opened around the current price levels (0.6750-0.6700) where the depicted uptrend comes to meet the NZD/USD pair. S/L should be located below 0.6700. Initial T/P level remains located at 0.6840.
Long-term bullish targets are located at 0.6950 when the NZD/USD bulls manage to trade above 0.6845.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via NZD/USD intraday technical levels and trading recommendations for January 4, 2016 . Thanks for your support.
No comments:
Post a Comment