Sell below 0.7055. Stop loss at 0.7181. Take profit at 0.6822. Reason for the trading strategy (technically): Price has tested our major resistance area and is dropping nicely. We remain bearish looking to sell below major resistance at 0.7055 (Fibonacci retracement, horizontal overlap resistance, resistance area) and we’re expecting a drop from this level towards 0.6822 support (Fibonacci retracement, horizontal swing low support. Stochastic (34,3,1) is seeing resistance at our 97% level and dropping nicely with good downside potential.
We've had some small fake breakouts on this to the north. Will be interesting to see how this responds to the news at 1:30pm for USD and later this evening from NZD. May end up being a somewhat long term trade.
BazJabbar
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Currently in this trade. Thank you.
BrijeshKukreja
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I am holding NZDJPY. Will this drop as well? I am hoping NZD goes bearish as Westpac consumer confidence came out low. Please comment
BazJabbar
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@BrijeshKukreja, looks like its at the resistance level at the moment abd struggling to break that so will most likely drop down from here
BrijeshKukreja
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@BazJabbar, holding NZDJPY since 3days now @78.53 but doesn’t show signs of going down. Went up to 79.20 abc came back down this afternoon to 78.70. Then again back up. Trying to see if I can cut down my losses if it goes down back or wait until tomorrow evening US CST time to check NZ results GDP etc