velmunis

NZDJPY Break and retest cycle will it reach 2020 high ?

Long
FX:NZDJPY   New Zealand Dollar / Japanese Yen
NZDJPY
*********
⏳Day chart
🎲 Detailed analysis
⛳️Bullish entry


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Detailed analysis πŸ’¬

1️⃣ Notable break and retest happens twice
2️⃣ 71.630 Multi month highs strong support
3️⃣ Positive risk sentiment, Vaccine news
4️⃣ 72.00 Dynamic support and resistance
5️⃣73.600 acted as strong resistance-Key trend reversal area
6️⃣ 70.110 50% Fibonacci will Acted as strong support/Point of control coincidence
7️⃣ Technical support - Bullish
8️⃣ 73.600 will acted as key reversal-bearish
9️⃣ 2020 High will act as alternative bearish entry-Double top formation
πŸ”Ÿ Possible swing target-73.600
#️⃣ Overall long-term trend- Bullish

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πŸ“‰ Technical bias-Day-Bullish

Price is above 50,100,200 Exponential moving average
50,100 Exponential moving average will act as support-Bullish
Relative strength index - well above 60 - Bullish trend
MACD -Histogram is slowly fading towards red, Oscillators about to cross soon
Stochastic - Reached around 75- overbought condition will give a short term fall back expected
Ichimoku cloud -cloud is still green-Price is well above the cloud
Bollinger band- Price reached around the upper side of the band-Short term bearish correction towards middle band was expected

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Key reversal area's

70.000 psychological level
70.110Point of control area Volume analysis
71.670 June,July,August month highs
69.000 Lower side of the recent consolidation phase
73.000 Major psychological level
73.660 Possible entry- Bear
73.660 Trendline resistance/Alternative Bearish entry

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Bearish entry #yen #kiwi #nzdjpy

Entry price - 72.150

Take profit 01 - 72.800
Take profit 02 - 73.600


🚫 Stop lose 71.200

⬆️ 2.00 Growth expected
‴️ Account growth 1: 2
βœ… Risk reward ratio 1 : 2

β€”β€”β€”β€”β€”-βšœοΈβ€”β€”β€”β€”β€”β€”-

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Comments

nice job here, thanks πŸ‘πŸ»πŸ¦πŸ™πŸ»!
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velmunis plancton0618
@plancton0618 Thanks brother
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