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NZD/USD Intraday technical levels and trading recommendations for May 16, 2016


On January 28, the depicted support at 0.6400 acted as a prominent key level offering a valid buy entry.

The 0.6550 level was broken above a few weeks ago.

Bullish persistence above 0.6550 (depicted recent support) was necessary 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 at 0.6550.

Moreover, an obvious bullish recovery was expressed around the depicted temporary support level. Hence, the recent bullish swing towards 0.6750 and 0.6860 was initiated.

In March, obvious bullish breakouts above 0.6750 and 0.6860 were executed. Hence, the price level of 0.6750 constituted a significant support level where a bullish hammer daily candlestick was expressed on Tuesday.

The previous daily closure below the 0.6850 level (On Friday) enhanced a quick bearish movement towards 0.6750 where a valid BUY entry is being offered. T/P levels to be located at 0.6850 and 0.6920 while S/L can be set as a daily closure below 0.6750.

This week, bullish persistence above 0.6850 is mandatory to maintain enough bullish momentum in the market.

Otherwise, sideways consolidations should be expected between the price levels of 0.6750 and 0.6850.

The material has been provided by InstaForex Company -