NZD/USD short-term technical levels and trading recommendations for September 5, 2018
The NZD/USD pair has been down-trending for the past few days. This bearish movement has been demonstrated within the depicted linear regression channels.
During Today’s consolidations, lack of enough bearish momentum was demonstrated on the chart. The NZD/USD demonstrated a false bearish breakout below the midline of the depicted movement channels. Evident bullish recovery was demonstrated around 0.6530 few times so far.
The short-term outlook turns to be bullish. Bullish breakout above 0.6560 (the upper limit of the channels) is needed to gather sufficient bullish momentum. Expected bullish targets are projected towards 0.6580 and 0.6600.
Hence, bearish positions are not preferred in the current situation. Intraday key-resistance is located around 0.6560. Intraday key-support is located around 0.6530.
For conservative traders, a valid BUY position can be indicated when a bullish breakout above 0.6560 is achieved. T/P level should be located around 0.6600 and 0.6650.