Sforex

Kiwi: Bounce back from Kijun Sen and Trend Line

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
217 0 1
Some traders ask me about why I always use Ichimoku pattern in my analysis; another trader rarely use this pattern to analize.

According yo my experience, I see Ichimoku pattern and Japanese candlestick are the most efective tools to analize. Japanese is very creative when they invent Candlestick and Ichimoku pattern.

Back to my analysis, look at on the chart:

Kijun Sen usually play a role as a early support and resistance level I always watch before price test Kumo cloud.

NZDUSD             bounced back from Kijun Sen many times and now it still holds below this level.

If NZDUSD             wants to move higher, it needs to break Kijun Sen first, and then test Kumo cloud: That is a long trip berfore we see a meaningful bullish view.

Moreover, I see a trend line ( black line I draw on the chart).

Hence, I keep neutral bias for Kiwi.

I see if NZDUSD             indeed break Kijun Sen and trend line , I will engage LONG position, on the other hand, Kiwi should be trade lower to 0.6100

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