Good morning,
My thoughts on NZD/JPY:
Let's start with the weekly outlook:
The overall trend is bearish. We have resistance at 80.85 and 82.85. The second one has not been breached after several attempts.
The price reached 82.85 for a third time and was strongly rejected from there. It went lower ( 60-70% from the last bullish rally) and then another bullish move
came in but it didnt even reach its previous highs (lower high).
The weekly chart shows us a short term bearish move and inside bar with big shadows on both sides. Furthermore the RSI represents huge
bearish divergence.
Daily outlook: Break below 79.00. Now the price pulls back again to the same level and doesn't go higher (79.00) in 3 consequitive bars.
Pin bar is formed that closed below the previous bar's support level.
In comparison with the previous low, the price went quite lower as well - This is another reason because of which I think the bearish pressure is not over yet.
Looking to short this if it pulls back on the H1.
Good luck!
My thoughts on NZD/JPY:
Let's start with the weekly outlook:
The overall trend is bearish. We have resistance at 80.85 and 82.85. The second one has not been breached after several attempts.
The price reached 82.85 for a third time and was strongly rejected from there. It went lower ( 60-70% from the last bullish rally) and then another bullish move
came in but it didnt even reach its previous highs (lower high).
The weekly chart shows us a short term bearish move and inside bar with big shadows on both sides. Furthermore the RSI represents huge
bearish divergence.
Daily outlook: Break below 79.00. Now the price pulls back again to the same level and doesn't go higher (79.00) in 3 consequitive bars.
Pin bar is formed that closed below the previous bar's support level.
In comparison with the previous low, the price went quite lower as well - This is another reason because of which I think the bearish pressure is not over yet.
Looking to short this if it pulls back on the H1.
Good luck!
Comment:
I am still on this. We are still in a sell market as long as it breaches 79.35.
Comment:
Closed at breakeven.