BluetonaFX - NZDJPY Rising Wedge SHORT Idea
Hi Traders!
There is a rising wedge pattern on NZDJPY, which signals a possible reversal of the bullish trend we have seen over the past few months.
Price Action 📊
There was an aggressive upside price rejection candle followed by a momentum break below the 20 EMA. This shows that there may be new waves of bearish volume entering the market.
We are looking for a bearish break and a close below the support trendline.
Fundamental Analysis 📰
New Zealand left their interest rates unchanged, and the dovish statement from the RNBZ has left the NZD under some selling pressure.
Support 📉
87.094: PREVIOUS DAY'S LOW
Resistance 📈
89.251: PEVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is a rising wedge pattern on NZDJPY, which signals a possible reversal of the bullish trend we have seen over the past few months.
Price Action 📊
There was an aggressive upside price rejection candle followed by a momentum break below the 20 EMA. This shows that there may be new waves of bearish volume entering the market.
We are looking for a bearish break and a close below the support trendline.
Fundamental Analysis 📰
New Zealand left their interest rates unchanged, and the dovish statement from the RNBZ has left the NZD under some selling pressure.
Support 📉
87.094: PREVIOUS DAY'S LOW
Resistance 📈
89.251: PEVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX