For this particular idea I'm going with NZD/JPY for a long-term Buy position. If you take a look at your daily, weekly or even the monthly charts you can tell the the market hasn't been this low since its Jan 19" then quickly made its way back up north to gain at least 600+ pips; the closest time frame to 2019 drop is seen in 2016 or 2 - 3 years away from this and even though the market dropped to a lower low than its 2019 counterpart , we still saw it bounce back within a month to reclaim the 76. area. Currently I believe that the market is consolidating and ranging in the mid 71.5 - 72.2 area but we should see a breakout to the north soon but it will see resistance in the gap area of 73.4 before possibly going sideways then downward before shooting through it resistance and heading for the 76. price range once again. On the opposite end I believe once the market finishes its consolidating and we breakout to the south, we well truly be in a bearish market and see lows that we haven't seen since before 2016.
Disclaimer.
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment.
Disclaimer.
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment.