NZDJPY Daily Price Action Analysis 08/20/14

FX:NZDJPY   New Zealand Dollar / Japanese Yen
97 0 0
This pair had been in an uptrend and currently in a range bound area. As many would trade a range bound pair by buying at support and selling at resistance, I would still see this as an uptrend and will still only look for Long trades at the support level . The Daily chart shows that the support area were tested a few times and were also respected. If that's the case, I would see that this support will still hold. The candles that last touched the support line made a bullish candle namely Bullish Pin Bar and 2 Bar Reversal. These two candles showed that the market still do not want to go down (respecting the range). The current price is still in the support level . This could be a good opportunity to go long before the market try to get back up to the resistance. Again, Long trade here at Support is better than Short trade at Resistance as the previous trend here is up. Every time the price went back here at this level (support), it would be a good time for me to place a trade. Unless the price breaks this support, then we will have another look at this one. But as of now, I am bullish with this pair.
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