Pin Bar on NZD/USD

Pin Bar on NZD/USD

Last week, the NZD/USD currency pair kept a local support level of 0.68600, which triggered the bullish sentiment. The trading instrument has the potential for further correction. At the moment, the classic pattern of the Price Action, Pin Bar, (D1 timeframe), which acts as a reversal formation, has been formed. The NZD/USD quotes are testing the local resistance level of 0.69150. We recommend you to pay attention to this situation.

If the price fixes above 0.69150, it is necessary to consider purchases of NZD/USD. The closest target for fixing profit is the resistance level of 0.69750. In the medium term, the NZD/USD currency pair may reach 0.70500-0.71000. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, we recommend using a trailing stop.

by JustMarkets, 2018.06.25

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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