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Daniel.B
Apr 9, 2015 11:48 AM

Reaching previous resistance. LvL to keep an eye on 

New Zealand Dollar/Japanese YenFXCM

Description

Well this is just a level to keep an eye on, I might not take the trade myself since it will raise the risk exposure to high for my portfolio. But anyhow, as we can see there is a lot of indecision in the pair between the price area of 87.00 & 92.00, previously at the 786 Fibonacci retracement price was rejected forming a weekly bearish hammer candle. To trade the indecision area in the pair I would personally wait for signs of bearish reversal or a break above the 786 Fib level on the Daily / 4HR Chart but no lower than that. Longer term the pair is obviously still very much bullish with price traveling within the ascending channel and remaining above the 100 / 200 Weekly Moving Averages. Also do note if you zoom out in the chart you will notice that 98.00 is the all time high for the pair. All in all, just thought I would put out this level of resistance that price is nearing for anybody that is searching for a potential trade setup. Cheers and happy trading! =)
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