NZDJPY: Will the price GROW more on this CHANNEL?
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🟢Forex Pair:
NZD/JPY
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been moving following a strong uptrend, bouncing on its dynamic trendline just in November 2020.
It's currently still in uptrend and it reached a strong resistance zone.
In the daily time frame, since November, the price has been following a clear ascending channel and few days ago it got a rejection on its dynamic support line.
It's currently moving up with a great chance to reach and retest again a strong resistance zone at about 75.640.
In the h4 time frame, two days ago the price broke a secondary trendline and it's currently retesting the same level.
The next price action will be essential to understand the next movement.
🔴Conclusion:
I'm confident to see the price moving up after a possible bounce on the support zone at about 74.000.
I'll be waiting for a clear price action before planning my next long position on this trade, so at the moment, I suggest to not open any position.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
NZD/JPY
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been moving following a strong uptrend, bouncing on its dynamic trendline just in November 2020.
It's currently still in uptrend and it reached a strong resistance zone.
In the daily time frame, since November, the price has been following a clear ascending channel and few days ago it got a rejection on its dynamic support line.
It's currently moving up with a great chance to reach and retest again a strong resistance zone at about 75.640.
In the h4 time frame, two days ago the price broke a secondary trendline and it's currently retesting the same level.
The next price action will be essential to understand the next movement.
🔴Conclusion:
I'm confident to see the price moving up after a possible bounce on the support zone at about 74.000.
I'll be waiting for a clear price action before planning my next long position on this trade, so at the moment, I suggest to not open any position.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
