If price respects the rising wedge, then we should see a market turnaround & reversal to the bearish direction.
Price seems to already be falling according to the H1 timeframe but we wait to see a confirmation candle and a retest of the support line.
What are your thoughts?
RSI Oversold, W forming on 4 hour chart off trend line. TP projection set to 0.5 Fib level seen as previous S&R in daily frame.currently consolidating waiting for a break to the upside. holding through with tight stop loss of 35 pips with target projection 85 pips.
I will be looking at shorting this pair shortly . But this week we have alot of news from AUD, NZD & China / US . We are currently at resistance i want to see the wave of news passing through this week and before i jump on the trade using H&S pattern . Before jumping in though i would wait for my Candle formation on H4 & my daily trendline.
On the nzd/jpy I see a rising wedge pattern that has occurred + price has reached resistance zone as well.
price has respected this resistance zone for some time now so I am hoping that price will follow through again.
The New Zealand dollar is following a similar path to the GBP/JPY, with the currency now starting to rise strongly on the daily currency strength indicator ( the grey line) and now crossing the Japanese yen ( the magenta line).
Friday’s price action has helped to propel the NZD/JPY pair towards the key 75.00 level, and closing the week at 74.91 and with a strong...
we have 2 potentials here.....
1. new have our first reversal zone ranging between 74.100-74.400. we have a already had one rejection in that zone. the TP we have is 140 pips. mini head and shoulders
2. our second reversal zone which ranges between 75.550-75.100. back towards the end of september we see this level reverse so if the first idea breaks I will see...
On the monthly chart theres clear support comming in at 72.25 and a wedge is evident. Im ignoring the flash crash thats happened last week. although if we account for support @ 69.28 its clear that buyers want to push this higher. my target is @ 74 trendline resistance.
This is a potential long on the NZDJPY. Price on the daily broke out of the weekly trendline off nice bull flag and now retesting that trendline as support. The daily chart is printed an inside day candle at this level which manifests are a pullback on the 4-hour. I may look to go long on a break and close above the 4-hour trendline.
I have a set a conservative...