On January 28, the depicted support at 0.6400 acted as a prominent key level offering a valid buy entry. A bullish breakout above 0.6550 was executed a few weeks ago.
Bullish persistence above 0.6550 (depicted recent support) was needed to keep the price moving towards higher bullish targets.
The price zone of 0.6750-0.6840 constituted a significant resistance zone where signs of a bearish rejection were seen during the previous few weeks (triple-top reversal pattern).
On February 9, the NZD/USD pair failed to consolidate below the depicted support level of 0.6550.
Moreover, an obvious bullish recovery was expressed around the depicted temporary support level. Hence, the recent bullish swing towards 0.6750 was initiated.
Bullish persistence above 0.6760 (upper limit of the previous consolidation range) was mandatory to allow further bullish advancement towards 0.6860, where a bearish engulfing daily candlestick was expressed on March 18.
Note that a daily closure below 0.6760 was needed to allow a quick bearish decline towards 0.6550 (the depicted support level).
For those who missed the initial trade, another sell entry can be offered around 0.6760 if a bullish pullback is expressed. Initial T/P levels should be located at 0.6600 and 0.6540.
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Performed by Mohamed Samy, Analytical expert InstaForex Group © 2007-2016 |
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