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 a few weeks ago.
Bullish persistence above 0.6550 (depicted recent support) was necessary to keep the price moving towards higher bullish targets.
During February’s consolidations, the price zone of 0.6750-0.6840 constituted a significant resistance zone where signs of a bearish rejection were seen (triple-top reversal pattern).
However, on February 9, the NZD/USD pair failed to consolidate below the depicted support level at 0.6550.
In early March, temporary bullish breakouts above 0.6750 and 0.6860 were executed. That’s why, these price levels stood as temporary support levels.
On May 6, daily candlestick closure below the 0.6850 level enhanced a quick bearish movement towards 0.6750 where bullish rejection was expected to be applied.
However, obvious bearish closure below 0.6750 was achieved on May 24. This enhances a quick bearish decline towards 0.6670 and 1.6550 shortly afterwards.
The material has been provided by InstaForex Company – www.instaforex.com
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