Good Day traders !! On this pair we have on the Monthly timeframe an interesting situation since we had a massive impulse that is during more than 5 months now and we expect to see some correction. By taking the Fibonacci retracement on the current impulse leg we can set three potential targets for short setups.
On the weekly timeframe we have a market that is providing a massive impulse and is showing some weakness lately which can lead to a correction on the market. On the Daily timeframe we have an "W" formation and we expect the market to drop at least to the neckline. From an institutional perspective we have institution adding more short than longs on the NZD and on the JPY we are looking at an exact number of long and short position added during the last report.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
On the weekly timeframe we have a market that is providing a massive impulse and is showing some weakness lately which can lead to a correction on the market. On the Daily timeframe we have an "W" formation and we expect the market to drop at least to the neckline. From an institutional perspective we have institution adding more short than longs on the NZD and on the JPY we are looking at an exact number of long and short position added during the last report.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
