As long as the NZD/USD pair continued trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.
During August and September, a consolidation range was established from the price level of 0.7250 up to 0.7350.
Later on October 20, the lower limit of the consolidation range (0.7250) stood as a temporary resistance which initiated a bearish movement towards 0.7100 (the lower limit of the depicted channel).
Bullish recovery was expressed around the price level of 0.7100 on October 28. Hence, a double-bottom pattern was expressed on the chart.
Bullish fixation above 0.7250 and 0.7350 was needed to allow further bullish advance towards the projected target of the reversal pattern around 0.7450.
However, significant signs of a bearish reversal were expressed around the upper limit of the price range (0.7350).
The bearish breakdown of 0.7250 (lower limit of the depicted range) enhanced the bearish side of the market towards the price level of 0.7100 (recent bottom of October 28) which was broken as well.
Bearish persistence below 0.7100 allows quick bearish decline towards 0.6960 (BUY zone) where bullish rejection and a valid BUY entry was expected. S/L should be placed below 0.6900.
On the other hand, the current bullish pullback towards 0.7120 should be considered for selling the NZD/USD pair as it constitutes a recent resistance level to be considered. S/L should be set as daily closure above 0.7200.
The material has been provided by InstaForex Company – www.instaforex.com
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