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FX.co ★ NZD/USD Intraday technical levels and trading recommendations for July 10, 2017

NZD/USD Intraday technical levels and trading recommendations for July 10, 2017

NZD/USD Intraday technical levels and trading recommendations for July 10, 2017

Daily Outlook

The NZD/USD pair has been trending up within the depicted bullish channel since January 2016.

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In November 2016, early signs of bullish weakness were expressed on the chart when the pair failed to record a new high above 0.7400. A bearish breakout of the lower limit of the channel took place in December 2016.

In February 2017, the depicted short-term downtrend was initiated in the depicted supply zone (0.7310-0.7380).

However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.

The price zone of 0.7150-0.7230 (SUPPLY ZONE in confluence with 61.8% Fibonacci level) stood as a temporary resistance zone until a bullish breakout was expressed above 0.7230.

This resulted in a quick bullish advance towards the next supply zone around 0.7310-0.7380 where evident bearish rejection was expressed on June 14.

Currently, the NZD/USD pair remains trapped between the price levels of 0.7230 - 0.7310 until a breakout occurs in either direction.

Trade recommendations:

Risky traders could have a valid SELL entry at retesting of the price level of 0.7310. S/L should be placed above 0.7400.

Conservative traders can wait for a bearish closure below 0.7230 then 0.7150 (61.8% Fibo level) for a valid SELL position.

S/L should be placed above 0.7250 while T/P levels should be placed at 0.7050, 0.6970, and 0.6850.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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