. There is a possibility of temporary retracement to suggested support line (68.15). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
NZD/JPY - potential long opportunity. If the market retraced back down to the lower support level. A long (buy) opportunity will then become available. As you can see from the chart analysis. This currency pair has bounced off this support level, every time since 2009. this further supports a possible long entry.
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Good morning traders. The Kiwi Yen is breaking support to the downside with weakness in the NZD pairs & supporting strength from the Yen.
Here's the performance of the two currencies since the start of the London session this morning.
NZD/JPY has been on three months ascending channel but luck ran out for the bulls as the market broke out of the channel after meeting strong monthly resistance, the market broke out and retested with a long bearish candle on the daily TF with the 200 EMA crossover to the downside. Reasons for shorting this pair;
1. Ascending Channel Break
2. A retest of the...
Break of Trendline + Bearish flag pattern, using an intraday entry technique off the 50% fib level which has nice confluence with my zone, slightly wider 20 Pip SL when compared to my other intraday entries to ensure i will still be in this trade should it rally up and test the 0.618 fib level and liquidity zone. Targets are at the 0.618 fib retracement of the...
On the higher timeframes such as the daily chart we can see that NZDJPY seems to be consolidating between 75.00 and 76.50.
We can see that on Friday price closed giving us a decent low test candle on the daily bouncing off our support level (75.00) forming a beautiful double bottom pattern. Ideally we would of wanted the body of the candle to be smaller or a...